A normative economic statement:
a. is a model used to collect data.
b. is a statement of fact.
c. is a statement of what ought to be, not what is.
d. indicates what will occur if certain assumptions are true.
c
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Entry and exit drive each firm in a monopolistically competitive market to a point of tangency between its
a. marginal revenue curve and its total cost curve. b. marginal revenue curve and its average total cost curve. c. demand curve and its total cost curve. d. demand curve and its average total cost curve.
When Tesla, a U.S. company, purchases Italian-made Pirelli tires for its automobiles, the purchase is
A) both a U.S. and an Italian import. B) a U.S. import and an Italian export. C) a U.S. export and an Italian import. D) neither an export nor an import for either country.