When Economists Are Trying to Help Improve the World,they Are

question 39

Multiple Choice

When economists are trying to help improve the world,they are

• A)in the realm of positive economics rather than normative economics.
• B)in the realm of macroeconomics rather than microeconomics.
• C)scientists.
• D)policy advisers.

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Definitions:

Patent

A legal grant by a government to an inventor, giving the right to exclude others from making, using, or selling an invention for a certain number of years.

Fixed Cost

Expenses that do not change with the level of production or sales, such as rent, salaries, and insurance, remaining constant regardless of business activity volume.

Patent

A legal document granting an inventor exclusive rights to manufacture, use, or sell an invention for a certain number of years.

Demand Schedule

A table that shows the quantity of a good or service that consumers are willing and able to purchase at various prices during a specified period of time.