When firms are faced with making strategic choices in order to maximize profit, economists typically use ____ to model their behavior

Robert and Janet are discussing unemployment and inflation in their country. Robert, on the basis of a recent newspaper report, claims that a 5% reduction in unemployment will lead to a 2% rise in inflation

On the other hand, Janet insists that inflation is a far bigger problem than unemployment and should be addressed with prime importance. Classify Robert's and Janet's statements as descriptive or advisory. Explain your answer.

Refer to the graph shown. If this monopolist sets the price to maximize profit, it will charge:

A. $8 for its product. B. $16 for its product. C. $10 for its product. D. $12 for its product.