Empirical evidence on the U.S. economy suggests that household spending and income have an inverse relationship

A monopolist is

a. one of a large number of small firms that produce a homogeneous good b. one of a small number of large firms that produce a differentiated good c. a single seller of a product with many close substitutes d. one of a small number of large firms that produce a homogeneous good e. a single seller of a product with no close substitutes

Policy-oriented economists seek to develop theories to

a. explain how things work so policies can be formulated. b. describe what happened in a particular time period in history. c. describe current economic events. d. find correlations between events. e. change people's values and ethics.