The law of demand is derived under the assumption of
A. constant consumer tastes and preferences.
B. constant marginal utility.
C. constant real incomes.
D. constant prices.
Answer: A
Economics
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If the elasticity of demand for a good is greater than the government expected: a. Consumers will bear more of the burden of the tax than the government expected. b. Producers will bear more of the burden of the tax than the government expected. c. The tax will raise less revenue than the government expected
d. Both b. and c. are true.
Economics
________ extracts the maximum amount each customer is willing to pay for a product.
A. Bundling B. Two-part tariff C. Group Pricing D. Personalized pricing
Economics