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Managerial Economics, Quiz 2

May 2026 term, 16 Aug 2026, Set 1

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Question 1

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A monotonic transformation preserves the exact same ranking of consumer preferences.

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True
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False

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A monotonic transformation preserves the exact same ranking of consumer preferences. If the price elasticity of demand for a product is greater than one, a price increase will always increase total revenue for the seller If demand for a good is perfectly inelastic, consumers bear none of the burden of a per-unit tax placed on the good