Which of the following statements about positive analysis is? correct?
A. Positive analysis is concerned with what ought to be.
B. Positive analysis can be used to determine whether policies are good or bad.
C. Positive analysis is concerned with what is.
D. Positive analysis involves value judgments.
Answer: C. Positive analysis is concerned with what is.
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For network externalities to occur
A) the government has to create new laws. B) deadweight loss must be minimized. C) there must be a critical mass of users. D) there must be a positive benefit to society.
Forecasts of an inevitable exhaustion of essential natural resources are "simply beside the point" because higher prices
a. reduce quantity demanded. b. stimulate supply. c. stimulate alternative technology. d. All of the above are true.
In order to sell one additional unit of output, a profit-maximizing monopolist must:
A.) Increase the size of its factory. B.) Reduce marginal cost. C.) Increase marginal revenue. D.) Reduce the price of all units sold.
Suppose that wage contracts between workers and employers are based on an expected inflation rate of 3% and a 5% increase in money wages is agreed upon. If inflation actually equals 7%, real wages...
What will be an ideal response?