Refer to the above table. What is the absolute price elasticity of demand if a price falls from $7.50 to $7?

Transfer payments typically

A) rise during expansionary periods. B) fall during recessions. C) do not change as the economy expands and contracts during the business cycle. D) fall during expansionary periods and rise during recessionary periods.

The slope of an indifference curve tells us:

A. the marginal utility the consumer receives from consuming an additional unit of a good. B. how much of one good is required to compensate the consumer for giving up some of another good. C. the amount of utility a consumer receives from consuming a bundle of goods. D. the rate at which utility changes as more of one good is consumed.