Which of the following best describes the difference between an objective concept and a subjective concept?
a. A subjective concept is a fact based on observation that is not subject to personal opinion, while an objective concept is based on personal preferences and value judgments.
b. An objective concept is a fact based on observation that is not subject to personal opinion, while a subjective concept is based on personal preferences and value judgments.
c. A subjective concept relates to issues in microeconomics, while an objective concept relates to issues in macroeconomics.
d. An objective concept can only be illustrated in words, while a subjective concept can usually be illustrated with a graph.
B
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