In perfect competition, each individual firm faces ________ demand curve
A) an inelastic
B) an upward sloping
C) a perfectly elastic
D) a downward sloping
C
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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
In September 2007 the British bank Northern Rock which specialized in home mortgages experienced a noteworthy bank run
a. True b. False Indicate whether the statement is true or false
Firms that coordinate economic activities to reduce competition is considered illegal per se.
Answer the following statement true (T) or false (F)
In an interview an economist states, "This problem should be of greater concern to the federal government." We can explicitly put this statement in the category of
A) microeconomics. B) macroeconomics. C) positive economics. D) normative economics.