If we wanted to prove that macaroni is an inferior good, we would test the __________ of macaroni and get a __________
a. cross-price elasticity; negative number
b. income elasticity; number less than 1
c. income elasticity; positive number
d. price elasticity of demand; number greater than negative 1
e. income elasticity; negative number
E
Economics
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The total utility from consuming five muffins is 14, 24, 35, 43, and 50 utils, respectively. Marginal utility begins to diminish after consuming the first muffin
a. True b. False Indicate whether the statement is true or false
Economics
The shorter the period of time being considered, the less rapidly will diminishing marginal utility set in
a. True b. False Indicate whether the statement is true or false
Economics