A. stops consuming more of the commodity B. reduces the quantity consumed C. increases the quantity consumed D. consumes more…
A. utility is measured in utils B. marginal utility is not observable C. utility is subjectively determined D. individual income…
A. perfectly elastic B. inelastic C. elastic D. perfectly inelastic Correct Answer: Option C - elastic Explanation Elastic demand is…
A. GHEF B. GHJC C. EFJC D. GHOB Correct Answer: Option D
A. BC B. OB C. OS D. BS Correct Answer: Option B - OB
A. marginal cost B. total cost C. variable cost D. fixed cost Correct Answer: Option B - total cost Explanation…
A. F B. S C. M D. K Correct Answer: Option B = S Explanation From the above diagram, consumers…
A. consumers' income B. demand C. consumers' tastes D. quantity demanded Correct Answer: Option D - quantity demanded Explanation A…
A. shows whether a good is normal or inferior B. shows the relationship between variables C. reveals the magnitude of…
A. corruption is rampant B. consumer's sovereignty is lost C. income inequality is entrenched D. there is high level of…