Normative economics involves
A) a statement of fact.
B) a statement of "what should be."
C) a statement of "what is."
D) a statement that is purely descriptive.
B
Economics
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Which of the following statements is true?
A) A monopolist faces an upward sloping demand curve. B) A perfectly competitive firm faces an upward sloping demand curve. C) A monopolist can increase the price of its product and not lose all of its business. D) A perfectly competitive firm can increase the price of its product without losing its business.
Economics
What are the key functions of the equilibrium price in a perfectly competitive market?
What will be an ideal response?
Economics