Author Question: In economics, normative statements are about A) the way things ought to be. B) the way things ... (Read 95 times)

madam-professor · **on:** Jun 29, 2018

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.