A Normative Statement Is

question 140

Multiple Choice

A normative statement is

• A)about what ought to be.
• B)about what is.
• C)always true.
• D)always false.
• E)capable of evaluation,as true or false,by observation and measurement.

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Definitions:

Indifference Map

A graphical representation of combinations of goods between which a consumer is indifferent, showing preferences and trade-offs.

Budget Constraint

A representation of all the combinations of goods and services that a consumer can afford given their income and the prices of goods.

Price of Apples

The amount of money required to purchase a unit or specific quantity of apples, often influenced by factors such as supply, demand, and production costs.

Price of Bananas

refers to the market cost of bananas, which can vary based on factors like supply, demand, seasons, and geographical conditions.