A Factual Claim About How the World Actually Works Is

question 43

Multiple Choice

A factual claim about how the world actually works is a ______ statement.

• A) positive
• B) marginal
• C) irrational
• D) normative

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Definitions:

Fixed Costs

Fixed costs are business expenses that remain unchanged regardless of the level of goods or services produced, such as rent, salaries, and insurance premiums.

Variable Cost

Costs that vary directly with the level of production or sales, such as raw materials and labor expenses.

Steel

An alloy of iron and carbon, and sometimes other elements, known for its high tensile strength and ability to be shaped into various forms.

Total Cost Curve

A graphical representation that shows how the total cost of production changes as the quantity of output changes.