Which of the Following Is Not Correct

question 66

Multiple Choice

Which of the following is not correct?

• A)Evaluating statements about how the world should be involves values as well as facts.
• B)Positive statements can,in principle,be confirmed or refuted by examining evidence.
• C)Normative statements can be judged using data alone.
• D)Deciding what is good or bad policy is not just a matter of science.

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Definitions:

Normal Returns

The minimum profit necessary for a company to remain competitive in the market, essentially covering opportunity costs.

Perfectly Elastic

Describes a situation in demand or supply where the quantity demanded or supplied changes infinitely in response to any change in price.

Perfectly Competitive

A market structure characterized by a large number of small firms, a homogeneous product, and free entry and exit, which leads to price being equal to marginal cost.

Monopoly Market

A market structure where a single seller dominates, without any close substitutes for the product or service.