Positive analysis is concerned with "what ought to be," while normative analysis is concerned with "what is."
Indicate whether the statement is true or false
FALSE
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Explain what the Saudi oil minister meant when he warned OPEC of using its market power too much by saying "Remember, the Stone Age did not end because we ran out of stones."
What will be an ideal response?
Which of the following reasons offered for why crime fell in the 1990s does the Brennan Center suggest had no impact?
A. Longer effective sentences B. Higher rates of incarceration C. The increase in the number of police D. The increased use of gun buyback programs
The total cost at a zero level of output is always equal to the variable cost.
Answer the following statement true (T) or false (F)
The total cost curve for a firm can be derived from isoquants and isocost lines by
A. varying production technologies, but keeping input prices and expenditure levels constant. B. varying total expenditures while keeping input prices and production technology constant. C. varying the price of either capital or labor while keeping total expenditures and production technology constant. D. varying the prices of capital and labor and keeping total expenditure constant.