If a firm is experiencing diminishing marginal returns, its marginal product is negative

If demand is elastic and the price of a product decreases by 10 percent, then

A) the change in quantity demanded is less than 10 percent. B) the change in quantity demanded is equal to 10 percent. C) the change in quantity demanded is greater than 10 percent. D) the decrease in quantity demanded is greater than 0 percent.

The statement in a newspaper that "consumer prices rose last month by 1 percent, and if this trend continues, the annual rate of inflation will be 12 percent for the year" is an example of:

A. A normative economic statement B. A positive economic statement C. Microeconomic analysis D. Rational self-interest