Analysis That Involves Value Judgments About Economic Policies Is

question 202

Multiple Choice

Analysis that involves value judgments about economic policies is

• A) positive economics.
• B) normative economics.
• C) microeconomics.
• D) macroeconomics.

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Definitions:

Profit-Maximizing

A business strategy focusing on actions that increase the difference between total revenues and total costs to achieve the highest possible profit.

Economic Profit

The difference between total revenue and the total costs, including both explicit and implicit costs.

Pure Monopolist

A market structure in which a single company or entity has exclusive control over the production and sale of a particular product or service, with no close substitutes.

Pure Monopolist

A single seller in a market with no close substitutes for the product offered, enabling significant control over price.