Economics Is

question 74

Multiple Choice

Economics is

• A) a discipline in the physical sciences
• B) a field that deals exclusively with normative issues
• C) a field that deals exclusively with positive issues
• D) only useful for examining behavior in capitalist economies
• E) a discipline that focuses on how choices are made in society

---

Definitions:

Price Inelastic

A situation where the demand or supply for a product does not change significantly when its price changes.

Good X

A placeholder term used in economics to represent a specific product or commodity in theoretical discussions.

Midpoint Method

A technique used in economics to calculate the elasticity of demand or supply by using the midpoint between two points on a curve instead of relying on the initial or final point alone.

Price Elasticity

An indicator of the degree to which the demand for a product reacts to shifts in its price, showing how susceptible demand is to price fluctuations.