Which Statement Is True

question 141

Multiple Choice

Which statement is true?

• A)Over time demand tends to become less elastic.
• B)The demand for cigarettes is very elastic.
• C)Advertisers try to make the demand for their products less elastic.
• D)None of these statements are true.

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Definitions:

Marginal Cost Curve

The Marginal Cost Curve graphs the cost incurred by producing one more unit of a good, typically showing how this cost changes with increased production.

Total Utility

The utmost satisfaction achieved from utilizing a specified amount of goods or services.

Limited Income

Describes a situation where an individual or household has a finite or restricted amount of monetary resources available for spending and saving.

Marginal Utilities

The gain in utility or enjoyment a consumer realizes from the consumption of one extra unit of a good or service.