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Provide a short answer to each of these questions. Be sure to fully explain your answer.
-Assume that you are the general manager at a plant that will be closing in one year. It is a small plant, and so is not subject to the Worker Adjustment and Retraining Notification Act (WARN). Should you give your employees advance notice of the closing? Why or why not?
Indifference Curve
A graph representing combinations of two goods that give a consumer equal satisfaction and utility.
Total Utility
Total utility is the total satisfaction or benefit a consumer receives from consuming a given total quantity of a good or service.
Indifference Map
A graph representing a set of indifference curves to illustrate consumer preferences for different combinations of goods, assuming equal satisfaction.
Total Utility
The total satisfaction received from consuming a particular quantity of goods or services.
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