The three basic assumptions underlying consumer preferences are

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    Consumers can compare and rank all possible market baskets of goods and services, their preferences are transitive and consumers prefer more to less.
     consumers do not always make rational purchasing decisions, often prefer less to more of a good or service, and are inconsistent in their preferences for different baskets of goods.
     consumers face budget constraints, prefer less expensive good and services to those that are more expensive, and always experience dissatisfaction with their level of consumption.
     consumers are unable to rank market baskets containing different goods and services, preferences are not transitive and consumers prefer more to less.
asked Jun 2, 2013 in Economics by anonymous
    

1 Answer

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Consumers can compare and rank all possible market baskets of goods and services, their preferences are transitive and consumers prefer more to less.
answered Jun 3, 2013 by Xyz ~Expert~ (3,650 points)

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