In economics, normative statements are about
A) the way things ought to be.
B) the way things are.
C) marginal benefits, not marginal costs.
D) marginal costs, not marginal benefits.
A
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A perfectly competitive firm would be willing to remain in the industry in the long run at zero economic profit because
a. its total revenues would be positive. b. accounting profit would be negative. c. revenue is equal to all costs, including the opportunity cost of capital and labor. d. its fixed costs would prevent it from leaving the industry.
Dent 'n' Scratch Used Cars and Trucks employs 3 salesmen. Data for their sales last month are shown in this table: Cars SoldTrucks SoldLarry105Joe99Ralph312 Based on last month's data, ________ has an absolute advantage in selling cars and ________ has an absolute advantage in selling trucks.
A. Larry; Ralph B. Ralph; Larry C. Larry; Joe D. Joe; Joe