Illustrate normative statement
In economics illustrate normative statement?
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The term normative statement in economics is just like a normative statement in any other academic subject. We can say it is a statement about something with an implicit value judgment or moral claim.
It is differ from a descriptive statement i.e. supposed to be ideologically or value neutral.
Difference between increase in demand and increase in quantity: Whenever demand rises at specific price then it is termed as rise in demand?. On another hand, whenever demand increases by decrease in price of a com
A Lorenz curve is a way to demonstrate: (w) that the U.S. has perfect equality of income distribution. (x) a mirror image of a production-possibility curve. (y) the percentages of families receiving different percentages of income. (z) differences wit
Perfectly inelastic demand curves include constant price elasticities equivalent to zero as well as: (i) cannot exist within the real world across the full range of possible prices. (ii) happen more often than any other type. (iii) are horizontal line
The domestic demand curve for portable radios is provided by Qd = 5000 − 100P, here Qd is the number of radios which would be purchased whenever the price is P. The domestic supply curve for radios is provided by Qs = 150P, where Qs
The law of demand defines that, all as well constant, consumers will obtain: (i) More of a good, the lower its opportunity cost. (ii) Less of any good, higher the prices of its substitutes. (iii) Advertised goods more often than generic products. (iv) Greater luxuries
The individual who wants to begin up a business, however who not want to risk in losing personal property if the business fails, must organizes the business as: (1) Sole proprietorship. (2) Partnership. (3) Corporation. (4) Unlimited partnership. Q : Define budget line Budget line : Budget Budget line: Budget line exhibits all combinations of two goods which a consumer can purchase with his income at a specified price.
Budget line: Budget line exhibits all combinations of two goods which a consumer can purchase with his income at a specified price.
The difference among pure competition and monopolistic competition is which: (w) monopolistic competitors generate more profit in the long run. (x) monopolistic competitors always ignore short term losses. (y) long run entry and exit is probable in pu
Features of oligopoly: 1) Few sellers in the market 2) Firms sell homogenous or differentiated products. 3) Price Rigidity. 4) Behavior of each firms dependence on the other firms.
The only supply curve which has price elasticity which varies as the price of output increases is within: (w) Panel A. (x) Panel B. (y) Panel C. (z) Panel D. Discover Q & A Leading Solution Library Avail More Than 1461533 Solved problems, classrooms assignments, textbook's solutions, for quick Downloads No hassle, Instant Access Start Discovering 18,76,764 1957146 Asked 3,689 Active Tutors 1461533 Questions Answered Start Excelling in your courses, Ask an Expert and get answers for your homework and assignments!! Submit Assignment
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