ECON306 Chapter 4: Consumer Choice
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Last updated 6:50 PM on 9/15/25
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4 Terms
1
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Market basket
Bundle or combination of goods
2
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Economists assume that consumers have a set of tastes or preferences that guide them in choosing between goods, and these tastes ____ among individuals or groups
may differ substantially
3
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What are the different preference relation symbols
insert weakly prefers, strictly prefers, and indifferent symbols
4
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What are the three assumptions made about consumers’ choices
completeness, transitivity, and more is better
Note 
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