Choosing vs. Pricing: preferring one option, but being willing to pay more for the other, violates which axiom? 1 pointIndependence Dominance Invariance

Question 1One example that we saw in Utility of Money was labeled “Example 1: Two Decisions with Gains and Losses.” You were invited to make two decisions, to which many people select outcomes A & D. The Example is replicated below.Which axiom does the A-D error violate? 1 pointIndependence DominanceInvariance

Multiple Choice QuestionPrice is defined asMultiple choice question.the money or other considerations exchanged for the ownership or use of a product.any factor that determines consumers' willingness and ability to pay for products and services.the practice of exchanging products and services for other products or services.a judgment by a consumer of the worth and desirability of a product or service relative to substitutes.

Assume a firm is practicing “price discrimination by self-selection” by creating a few versions for its main product. A customer’s willingness to pay for the product:depends on the prices for the same version set by the firm’s rivalsdepends on the volume of purchases made by the customeris revealed by customer’s observable characteristicsis revealed by customer’s choice of the version

Which of the following statements described preference theory?

In drawing a budget line it is assumed that:Multiple Choiceconsumer willingness to substitute between the two products is fixed.money income is fixed.consumer preferences are fixed.the prices of the two products are variable.