Positive statements are not
a. descriptive.
b. prescriptive.
c. claims about how the world is.
d. made by economists speaking as scientists.
b
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A severe drought has damaged this year's lettuce cro
A) decrease in the demand for lettuce. B) decrease in the supply of lettuce. C) decrease in both the demand and supply of lettuce. D) rightward movement along the demand curve for lettuce.
If two goods are perfect complements, the shapes of the indifference curves are
A) bowed toward the origin. B) bowed away from the origin. C) straight lines. D) right-angled lines.
The number of sellers in a market is considered to be large when
a. the total exceeds 100 b. no single buyer can affect the price through his or her demand for the product c. they cannot be easily counted d. no single seller can affect the price by changing its level of output e. no seller controls more than 20 percent of the total market supply
Which of the following is a distinguishing characteristic of oligopolies?
a. a standardized product b. the goal of profit maximization c. the interdependence among firms d. downward-sloping demand curves faced by firms e. a downward-sloping market demand curve