A positive statement is
A) about what ought to be.
B) about what is.
C) the result of a model's normative assumptions.
D) valid only in the context of a model with simple assumptions.
B
Economics
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The income of the middle person in an income distribution is called the
A) mean income. B) average income. C) median income. D) per capita income.
Economics
The law of decreasing returns applies to
A) the long-run average cost curve. B) average total cost. C) diseconomies of scale. D) changes in a variable input with a given quantity of fixed inputs. E) changes in a fixed input with a given quantity of variable inputs.
Economics