If the marginal utility Ida Mae receives from eating chicken wings is negative then
A) her total utility from eating chicken wings has fallen.
B) Ida Mae definitely does not like chicken wings.
C) her total utility has risen, but by less from the last chicken wing than from the next to last chicken wing.
D) her total utility from eating chicken wings is negative as well.
A
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Price elasticity of demand refers to
A. How responsive producers are to a change in the cost of production. B. How buyers react to a change in the price of a substitute good. C. How buyers respond to a change in income. D. How sensitive buyers are to a change in price.
Explain the supply and demand of products, factors of production, and the payments for the products and factors of production as described in the circular flow diagram
What will be an ideal response?
Implicit costs are usually easier to measure than explicit costs
Indicate whether the statement is true or false