A normative statement:
a. describes the self-interested behavior of individuals
b. describes the world as it is.
c. describes how the world should be.
d. describes how sunk costs do not affect current decisions.
c
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A Japanese television sells for ¥100,000 and a dollar is equal to ¥100. What is the dollar price of the television?
A) $1000 B) $99,900 C) $10,000,000 D) $100,100
The supply curves for labor and capital are ________ and the demand curves for labor and capital are ________
A) upward sloping; downward sloping B) vertical; horizontal C) vertical; downward sloping D) upward sloping; vertical
Refer to the information provided in Figure 3.13 below to answer the question(s) that follow.
Figure 3.13Refer to Figure 3.13. Assume hamburgers are a normal good. An increase in income will cause a movement from
A. Point G to Point F. B. S1 to S2. C. D1 to D2. D. Point A to Point B.
Which of the following characterizes monopolistic competition?
A. Marginal cost pricing. B. Zero long-run profit. C. Price leadership. D. Retaliation.