Normative Statements Are Concerned Primarily with

question 1

Multiple Choice

Normative statements are concerned primarily with

• A) facts and theories.
• B) what ought to be.
• C) what is.
• D) rational choice involving costs and benefits.

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Definitions:

ATC

Average Total Cost, which is the total cost of production divided by the number of goods produced.

Output

The total amount of goods or services produced by a company, industry, or economy within a specific period.

Marginal Study Time

The additional benefit or improvement in performance obtained from studying for one more unit of time.

Marginal Returns

The additional output or benefit received from producing one more unit of a good or service.