Economics employs a scientific methodology. In part, this means that
a. all economic laws have been proven true by laboratory tests
b. there is a single economic theory accepted by all economists
c. economic hypotheses are tested to determine their validity
d. personal values never enter into economic policy recommendations
e. assumptions are not necessary in economic science
C
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If the marginal cost curve shifts upward, a profit-maximizing, nondiscriminating monopolist is likely to respond in the short run by
a. raising price and increasing output b. raising price and decreasing output c. keeping price constant and increasing output d. reducing price and increasing output e. shutting down
Monetarists argue that government actions, particularly monetary policy, worsens the negative aspects of the business cycle
a. True b. False Indicate whether the statement is true or false