Consider the utility function . Tastes represented by this utility function:Group of answer choicesviolate transitivityviolate monotonicityviolate convexitysatisfy all the 5 assumptions that we introduced about tastessatisfy only completeness and transitivity

If the tastes of a consumer satisfy the assumption of transitivity, her indifference curves must:Group of answer choicesNot cross the axesHave a positive slopeNot cross one anotherBend toward the originAll of the above

Suppose an indifference curve is positively sloped. Which assumption about the tastes is violated? Group of answer choicesCompletenessTransitivityMonotonicityConvexity

Suppose two indifference curves intersect. Then, it is true that:Group of answer choicesthey may be the indifference curves of two consumers with different tastesthey may be the indifference curves of a consumer whose tastes violate the assumption of transitivityboth of the above are correctnone of the above is correct

If we say a consumer has well-behaved preferences it means that:Group of answer choicesthere are no inferior goodspreferences only occasionally violate the transitivity assumptiona consumer always consumes products in fixed proportionsNone of the other answers are correct.the consumer's preferences are monotonic and convex in the quantity of each good consumed.

If someone has the utility function , then  and  are perfect complements for that person.Question 25Select one:TrueFalse