We assume that the representative consumer's preferences exhibit the properties that
a. each consumer has one strictly preferred good and that consumption and leisure are both normal goods.
b. more is always preferred to less and that each consumer has one strictly favored good.
c. consumption and leisure are both normal goods and that the consumer likes diversity in his or her consumption bundles.
d. they are convex and that more is not necessarily preferred to less.
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Home » Business » We assume that the representative consumer's preferences exhibit the properties that a. each consumer has one strictly preferred good and that consumption and leisure are both normal goods. b.