"When OPEC increases the supply of oil to the market, the price of gasoline falls." This is an example of
A) a normative statement.
B) the failure of opportunity cost to determine prices.
C) a positive statement.
D) a macroeconomic statement.
C
Economics
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The circular flow of income involves the idea that
A) the seller of a good receives exactly the same amount as the buyer spends. B) in every economic exchange one party takes advantage of the other party. C) the seller of a good receives more than the buyer spends. D) the seller of a good receives less than the buyer spends.
Economics
If Bill thinks tacos and turkey sandwiches are perfect substitutes, then his indifference curves for these two goods
A) are L-shaped. B) are negatively sloped and linear. C) are positively sloped and linear. D) have slopes equal to 1.
Economics