Question

Classical economists made 4 assumptions about conusmer behavior, from which they deduced consumer theory. These assumptions are (select that apply)

	A.	Consumers are purposeful.
	B.	Consumers are rational.
	C.	Consumers desire a variety of goods.
	D.	Consumers must pay for goods consumed.
	E.	Consumers have limited incomes.
	F.	Consumers have access to credit when wealth and income are inadequate.

Answer 1

Answer - The assumptions are -

Consumers are rational

Consumers desire a variety of goods

Consumers have limited income

Consumers must pay for the goods consumed