A Positive Statement Is

question 57

Multiple Choice

A positive statement is

• A)about what ought to be.
• B)always false.
• C)an opinion that cannot be verified.
• D)always true.
• E)what is currently believed about the way the world operates.

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Definitions:

Income Elasticity

A measure of how much the demand for a good or service changes in response to a change in the income of consumers.

Demand Is Elastic

A situation where the quantity demanded of a product changes significantly with a change in its price.

Total Revenue

The overall amount of money earned by a firm from the sale of its products or services before any costs are subtracted.

Point Elasticity

A measure of elasticity that uses the slope measurement.