Question: 1. Identify a trade-off commonly faced by college students & discuss the opportunity costs & benefits associated with it 2. If the demand for the

1. Identify a trade-off commonly faced by college students & discuss the opportunity costs & benefits associated with it 2. If the demand for the product/service you are selling is inelastic, would you increase the price? Why or why not? 3. What type of consumer are you and how do you maximize your utility or satisfaction? 4. How can business establishments take advantage of the law of diminishing marginal utility?

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