Describe the difference between positive and normative economics. Cite an example of each
Positive economics deals with "what is." Normative economics is concerned with "what should be." A positive economist would look at the impact of an increase in minimum wage on the growth of the economy, while a normative economist would focus on whether or not the wage hike should occur and how it might affect the working poor.
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How is a politician similar to an entrepreneur?
A) Each advances a project solely in the public interest. B) Each advances a project only if the expected marginal benefits equal the expected marginal costs. C) Each advances a project only if the expected marginal benefits exceed the expected marginal costs. D) Each advances a project only if they impose no negative externalities.
XM Satellite Radio and Sirius Satellite, who are the only major satellite radio companies serving the United States, were given permission in March of 2008 by the Justice Department to merge
Can you think of any reasons why there was no real worry about monopoly power?