The Secretary of Labor states that wage rates in the country have risen by 2 percent this past year. The head of a local labor union states that wage gains have not kept pace with the 3 percent rate of inflation. The Secretary's statement is a (n) ____ economic statement, and the labor head's statement is a (n) ____ economic statement.

A. normative; normative
B. normative; positive
C. positive; normative
D. positive; positive


Answer: D

Economics

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In the short run, how will a profit-maximizing monopolist react if its marginal cost suddenly increases? It will

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Economics