A Statement That Argues That "If Taxes on Gasoline Increase,gasoline

question 134

Multiple Choice

A statement that argues that "if taxes on gasoline increase,gasoline consumption will decrease" is an example of what kind of statement?

• A) a marginal statement
• B) a macroeconomic statement
• C) a normative statement
• D) a positive statement
• E) a statement that violates rational choice

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Definitions:

Marginal Revenue

The additional income earned from selling one more unit of a good or service.

Non-OPEC Oil

Oil produced by countries that are not members of the Organization of the Petroleum Exporting Countries (OPEC), influencing global oil supply and prices.

World Market

The global exchange of goods, services, and finances, encompassing international trade and investment flows.

Cartel Price

The price level set by a cartel, where members agree to control supply to maximize their profits.