## Quick Reference

*Completeness*: for any two alternatives *x* and *y* either *x ≿ y* or *y ≿ x*; 2. *Reflexivity*: *x ≿ x* for any alternative *x*; and 3. *Transitivity*: for any three alternatives *x, y*, and *z*, if *x ≿ y* and *y ≿ z* then *x ≿ z*. If a consumer's preferences satisfy these axioms he can be described as rational. This is not the only set of possible axioms, so ‘rationality’ in this sense is not uniquely defined.

*Subjects:*
Economics.