Descriptive Assumptions Are

question 42

Multiple Choice

Descriptive assumptions are

• A) unstated values about the way the world is.
• B) explicit beliefs about the way the world is.
• C) assumptions that give a general rather than a specific character to a subject.
• D) found in the results section of a research report.

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Definitions:

Monopoly

An economic setup where there is only one provider of a good or service, possessing total market control due to the lack of any similar alternatives.

Deadweight Loss

An economic inefficiency arising when there's a failure to attain the free market equilibrium for any product or service.

Monopolist

A market participant that is the sole seller of a product or service, having significant control over its price.

AC

Average Cost; the total cost of production divided by the number of units produced, indicating the cost per unit.