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Q1, a. Most demand curves are negatively sloped as per the Law of Demand. How could we explain a positively sloped demand curve? b. What
Q1,
a. Most demand curves are negatively sloped as per the Law of Demand. How could we explain a positively sloped demand curve?
b. What difference, if any, is there between the slope of a linear demand curve and price elasticity of demand?
c.f we can't objectively measure the utility of consuming goods, can we make comparisons between the utility experienced by two individual consumers? Explain.
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