Glossary · Micro · Consumer theory

Axioms of consumer preference

The three assumptions that let us draw indifference curves: completeness (you can always rank two bundles), transitivity (if you prefer A to B and B to C you prefer A to C) and more is better (a bundle with more of everything wins).

Also called: completeness, transitivity, non-satiation

Taught in: The Three Axioms

Related terms

Indifference curve Utility

More from consumer theory

Budget line Corner solution Engel curve Giffen good Marginal rate of substitution (MRS)Marginal utility (MU)Network effects

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