If two economists disagree on an issue and their disagreement is based on personal value judgments, then this controversy is a normative one
a. True
b. False
A
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"The duopolists' dilemma occurs when firms in a duopoly coordinate their decisions to achieve the best possible outcome." Is the previous statement correct or incorrect? Why?
What will be an ideal response?
The only firms that do not have market power are
A) firms in perfectly competitive markets. B) firms in industries with low barriers to entry. C) firms that do not advertise their products. D) firms that sell identical products.
If workers sit idly by for a portion of their workday, but are still employed, firms may be engaged in ________
A) intertemporal substitution B) voluntary unemployment C) labor hoarding D) real business
The absolute price elasticity of demand for a product for which annual expenditures make up a very small share of a typical consumer's budget is probably
A) less than 1. B) equal to 1. C) greater than 1. D) infinity.