"Government should act to reduce poverty levels."
A) This statement is a normative statement.
B) This statement is a positive statement.
C) This statement is an example of the fallacy of composition.
D) This statement is an example of the post hoc fallacy.
A
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A profit-maximizing monopolist
A) is guaranteed to lose money because of a lack of competition. B) is not guaranteed to make a positive profit. C) is guaranteed to make a positive profit, hence the desire to be a monopolist. D) is guaranteed to make a non-negative profit, otherwise government would step in to assist.
Quantity supplied refers to the amount of a good or service that a firm is willing and able to supply at a given price
Indicate whether the statement is true or false
States that restrict banks to having a single branch are said to require
A) mono banking. B) nonbank banking. C) unit banking. D) semi-banking.
What does it mean if a person makes a "decision at the margin"?
A) The person compares additional benefits and additional costs when deciding what to do. B) The person weighs the good against the bad and then decides what to do. C) The person is more likely to say yes than to say no. D) The person compares marginal benefits and total costs and then decides what to do. E) The person makes a decision based on a condition.