-Refer to the figure above. If 20 units of sunglasses are produced, sunglasses are________ , and area graphically ________represents the deadweight loss.
Definitions:
Normative Economics
A branch of economics that focuses on what ought to be or what should be, often based on value judgments and opinions.
Positive Economics
A branch of economics that focuses on factual and cause-and-effect relationships, avoiding value judgments about what ought to be.
Production Possibility
A concept representing the various combinations of goods and services an economy can produce, given certain resources and technology.
Linear Production
A production process where inputs are combined in fixed proportions and the output level changes linearly with changes in input levels.
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