Question

I just need to make sure these are right. if they r wrong please tell me why thank you.

1. if demand shifts left and supply shifts right, then we know that

price decreases and quantity bought and sold also decreases

2.demand will be more elastic if

better substitute goods exist

3. a demand curve for beans will shift right if

consumer income falls and beans are a normal good

4. because it is difficult for economists to use experiments to generate data, they generally must

use real-world data what was not generated by an experiment, and which does not "hold all else constant"

5. all points on the production possibility frontier

have both full and efficient employment of all resources, including labor

6.along a unit elastic demand curve, if the market price increases then

total revenue will increase

7.a good economic model should

accurately explain or predict some aspect of the real world

8. the principle that "people respond to incentives implies all of the following except

people care only about themselves and not other people

9. a unit elastic supply curve must

be a straight line out of the origin

10. for a straight line demand curve, price elasticity of demand near the "choke price" where quantity demanded approaches 0 approaches

infinity

11.