If an economist is trying to figure out, in a certain situation, “What would happen if?”, then that economist is working in the area of
a. normative economics.
b. positive economics.
c. the theory of the firm.
d. welfare economics.
b. positive economics.
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Refer to the above table. The equilibrium price of tablets is
A) $500. B) $550. C) $650. D) $700.
A firm's incentive to compare marginal revenue and marginal cost is an application of the principle that rational people think at the margin
a. True b. False Indicate whether the statement is true or false
Total utility is
A. The additional utility from consuming one more unit of a good. B. How much utility a seller gets from producing a good. C. A function that always falls as a buyer enjoys more units of a good. D. The sum of the marginal utilities from the consumption of good.
Refer to the information provided in Figure 19.1 below to answer the question(s) that follow. 
Figure 19.1 Refer to Figure 19.1. Prior to the imposition of the payroll tax, this labor market ________ at a wage of $7.00 and employment of 800 workers.
A. was paying too high a wage rate B. was employing too many workers C. was employing too few workers D. was in equilibrium