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"An Increase in the Price of Oranges Will Increase the Demand

question 64

True/False

"An increase in the price of oranges will increase the demand for grapefruits." This statement is an example of a normative economic statement.


Definitions:

Extreme

Something that is far beyond the norm or average in magnitude, intensity, or degree.

Irrational Fear

A disproportionate and intense fear of an object, situation, or activity that poses little to no actual danger.

Obsessive-Compulsive Disorder

A mental disorder characterized by unwanted repetitive thoughts (obsessions) and actions (compulsions).

Overwhelmed With Dread

A state of being consumed by intense fear or anxiety about something that seems overpowering.

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