A Normative Statement Is

question 130

Multiple Choice

A normative statement is

• A)about what should 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:

Economic Analysis

The systematic approach to determining the optimal use of scarce resources, examining the costs and benefits of economic decisions.

Product Promotion

Activities undertaken by a company to increase awareness, create interest, and generate sales or acceptance of its products or services.

Monopolistic Competition

A market structure characterized by many firms selling products that are similar but not identical, leading to competition based on factors other than price.

Pure Competition

A market structure characterized by an extremely large number of sellers, none of which can significantly influence price or market conditions due to the homogeneity of the product being sold.