Abstract
A virtue of both the ordinal-utility and revealed preference approaches to consumption theory is that they make the following empirically refutable statements: (A) If two consumption bundles, say x and y, are available in situation A and x is chosen, then x must not be available if y is chosen in situation B. (B) If the purchased quantity of a commodity is known to increase (or never to decrease) when money income increases and prices do not change, then the quantity purchased must fall (or cannot rise) when the price of the commodity rises and all other prices and income are unchanged. These are, of course, loose versions of the weak axiom of revealed preference and what Professor Samuelson has called the Fun-
Published Version
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