Question: Please answer true or false with reason. If the demand for KFC chicken is price inelastic, a fall in the price of KFC chicken will

Please answer true or false with reason.

If the demand for KFC chicken is price inelastic, a fall in the price of KFC chicken will reduce the total revenue. Answer: Reason: If Taco Bell observed that the demand for its food is elastic, Taco Bell should raise its price to increase its total revenue. Answer: Reason: marginal utility per dollar is the benefit received from consuming an extra unit of a good. Answer: Reason: Marginal utility diminishes as consumption of a good decreases. Answer: Reason: . John will maximize his total utility when all income is spent and the marginal utility is equal for all goods. Answer: Reason

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