Question

True or False
1. Completeness is not a particularly strong requirement. It means that the function, U, is defined for every possible combination of the values b and c. so, for every bundle Z:(b, c), we are able to calculate U(b, c)
True
2. If the preference relation is monotonically decreasing and convex, then in a diagram, indifference curves are upward – sloping and concave and never cross. So that preferred sets are nested

Answer 1

1. True
2. True