Which of the following axioms of utility theory do lexicographic preferences violate? (Originally set in Hindi.)
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2 marksMicroeconomicsConsumer preferences and utilityPreference axioms and rationalityModerateabout 1 min
UGC-NET 2025 Question 9: Consumer preferences and utility
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Consumer preferences and utility has come up 93 times in 7 exams since 2007.
What this question tests
This question is on Preference axioms and rationality, part of Consumer preferences and utility in Microeconomics.
The assumptions that make preferences well behaved: completeness, transitivity, monotonicity, continuity and convexity.
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