Consider the following statements:
Assume a consumer's choice is based on only 2 commodities i.e., X ∈ \(R_+^2\), where X is the set of an possible commodities which a consumer can conceive of:
(A) Monotonicity of preference implies strong monotonicity but not the other way round.
(B) A preference relation is monotone if for all commodity bundle x, y ∈ X, y ≥ x and y ≠ x; then y ≽ x.
(C) A preference relation (≽) on X is strongly monotone if for all commodity bundles x, y ∈ X, y > x and y ≠ x; then y ≽ x.
(D) A preference which is locally non satiated must follow monotonicity and strong monotonicity.
Choose the correct answer from the options given below:
1
(B) only
2
(A), (B) and (D) Only
3
(A), (C) and (D) Only
4
(A) and (D) Only