Normative Statements I. Describe How the World Is

question 131

Multiple Choice

Normative statements i. describe how the world is.
Ii. describe how the world ought to be.
Iii. depend on people's values and cannot be tested.

• A)i only
• B)ii only
• C)iii only
• D)ii and iii
• E)i and iii

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Definitions:

Monopolies

Market situations in which a single supplier dominates the supply of a good or service, with no close substitutes.

Demand Curve

An illustrated chart depicting the correlation between a product's price and the amount of it consumers want to buy at that price level.

Marginal Cost

The spending necessary to produce an extra unit of a product or service.

Intellectual Property

Legal rights that result from intellectual activity in the industrial, scientific, literary, and artistic fields.