If GDP per capita in year T is represented by YT, and the GDP per capita in the following year is represented by YT+1, then the formula for calculating growth rate between these two years is ________

When plasma television sets were first introduced prices were high and few firms were in the market. Later, economic profits attracted new firms and the price of plasma televisions fell. This example illustrates

A) that consumers receive this new technology "free of charge" in the sense that they only have to pay a price for plasma televisions equal to the lowest production cost. B) a decreasing-cost industry. C) an industry with a low minimum efficient scale. D) how fickle consumer demands are.

What relates positive economics to normative economics?

A. The science of economics B. The art of economics C. Macroeconomics D. Microeconomics