Which one of the following statements is incorrect? A. It is possible to make inter-personal comparisons of utility, that is, it is possible to compare the utility derived by two different consumers from the consumption of the same product (eg beef). B. A consumer is in equilibrium when his or her total utility is at a maximum C. Total utility is the sum of all the marginal utilities. O D. Weighted marginal utility is the marginal utility per unit divided by the price of the product in question. O E. Utility is the degree of satisfaction that a consumer derives (or expects to derive) from the consumption (use) of a product or service (eg carrots). Which of the following is not a definition of elasticity in general? O A. It is the measure of how sensitive one variable is for changes in another B. It shows the impact of the changes of one variable on another C. It is the responsiveness of one variable when another variable changes D. It shows the impact of a change in price on quantity demanded or supplied O E. It shows how a change in one variable, influences another variable Which of the following determinants will not make the price elasticity of demand of a product more inelastic? A. If the good becomes a necessity to the consumer and no longer just a luxury B. If a larger part of your income is used to buy the particular good C. If a substitute product is no longer available on the market D. If the period in which consumers have to decide to buy the product becomes shorter E. Increased consumer loyalty to the product