In economics, normative statements are about A) the way things ...

[madam-professor]

In economics, normative statements are about
 
  A) the way things ought to be.
  B) the way things are.
  C) marginal benefits, not marginal costs.
  D) marginal costs, not marginal benefits.

Question 2

If the total revenue received by sellers of DVDs increases by 20 percent when price increases by 10 percent, then demand for DVDs is
 
  A) perfectly elastic.
  B) unitary elastic.
  C) inelastic.
  D) elastic.

[smrtceo]

Answer to Question 1

A

Answer to Question 2

C

[madam-professor]

Thanks for the timely response, appreciate it

[kthug]

Excellent