Please provide the correct answer, I need to learn this material thoroughly and

Question

Please provide the correct answer, I need to learn this material thoroughly and know the correct answer for an upcoming exam. Thanks so much!

1. Positive economic questions

A. Involve value judgments
B. Address what ought to happen
C. Are potentially testable
D. Cannot be tested

4. When the demand curve shifts, the ____ elastic the supply curve at the initial equilibrium
price, the _____ the change in equilibrium price and the ______ the change in equilibrium
quantity.

A. More; larger; smaller
B. Less; larger; smaller
C. More; larger; larger
D. Less; smaller; larger

A. $13
B. $19
C. $25
D. $88

Explanation / Answer

1. Positive economic questions A. Involve value judgments 2. The real test of a good model is B. The degree to which it conforms to the "real world." 3. If a firm knows that the demand for its product is inelastic, it could generate more revenue by D. Raising the price, because the resulting change in sales would be relatively small 4. When the demand curve shifts, the ____ elastic the supply curve at the initial equilibrium price, the _____ the change in equilibrium price and the ______ the change in equilibrium quantity. A. More; larger; smaller 5. Suppose that adding a new disc drive to your computer increases its value by $100. The disc drive costs $75 and takes you 2 hours to install. If your wage from your job is $6 per hour then the net benefit of installing the disc drive is A. $13

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