Which of the following best describes the difference between an objective concept and a subjective concept?
a. A subjective concept is a fact based on observation that is not subject to personal opinion, while an objective concept is based on personal preferences and value judgments.
b. An objective concept is a fact based on observation that is not subject to personal opinion, while a subjective concept is based on personal preferences and value judgments.
c. A subjective concept relates to issues in microeconomics, while an objective concept relates to issues in macroeconomics.
d. An objective concept can only be illustrated in words, while a subjective concept can usually be illustrated with a graph.
B
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Rent controls unintentionally create
A) scarcity of rental units. B) surpluses of rental units. C) shortages of rental units. D) market-clearing outcomes in the apartment rental market.
Refer to the above figure. Profits will be positive
A) when the price equals $1. B) when the price equals $2. C) at prices between $1 and $2. D) when the price is above $2.