Question

Give 2 Economic terms:

1. Utility from the last unit of commodity consumed is _____________.

2. The demand for the salt is ______________.
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Answer 1

Answer:

1) Marginal

2) inelastic

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Answer 2

Explanation:

1) Marginal utility is the utility derived from the last unit of the commodity consumed.

2) the demand for salt is inelastic i.e. any change in its price will not affect demand.