Question
Answer each of the following statements True/False/Uncertain. Give a full explanation of your answer (2-3 sentences should suffice). A fully labeled graph is a welcome
Answer each of the following statements True/False/Uncertain. Give a full explanation of your answer (2-3 sentences should suffice). A fully labeled graph is a welcome addition to any answer (if applicable), though it is not necessary.
A) Decreasing marginal productivity of labour implies a firm's marginal cost decreases as output increases
B) Economic profit does not take opportunity cost into consideration.
C) The own-price elasticity of demand is negative if the law of demand does not hold.
D) If a consumer views goods as perfect compliments, increasing consumption of one good increases utility
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