Suppose the price of a product rises and the total revenue of sellers increases.
What will be an ideal response?
No conclusion can be reached with respect to the elasticity of supply.
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Every six weeks, the Federal Open Market Committee (FOMC) meets to discuss monetary policy. This discussion is mainly focused on ________
A) information of the equilibrium real interest rate from the past three years B) the current month's release of the CPI by the BLS C) the three year projections of the equilibrium real interest rate D) the past 18 month history and future 18 month projections of the discount rate E) none of the above
The distinction between positive and normative economics
a. is that positive economics applies only to microeconomic problems b. is that normative economics applies only to microeconomic problems c. is the difference between an assumption and a conclusion d. helps us understand why economists sometimes disagree with one another e. explains why economics is not a social science