Question 2 [6 marks] Which of the following statements are true? A rational CEO of a firm will always maximise profits. The model of rationality
Question 2 [6 marks] Which of the following statements are true? A rational CEO of a firm will always maximise profits. The model of rationality is a mathematical model we use in economics to make predictions about how individuals behave in economic situations. c. The model of rationality is a mathematical model we use in economics to make recommendations about how individuals should behave in economic situations. d. Transitivity of an individual's preferences implies that the individual can always compare between any two alternatives in their set of alternatives. e. Completeness of an individual's preferences implies that the individual can always compare between any two alternatives in their set of alternatives. 3:9
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