Examlex
Which of the following is true regarding a normative statement?
i.It uses the ceteris paribus assumption.
ii.It is a value judgment.
iii.It accounts for opportunity costs.
Marginal Cost
Marginal cost is the cost incurred by producing one additional unit of a product or service, emphasizing the concept of variable costing.
Resource Allocation
The process of allocating resources, including capital, labor, and materials, among competing uses or projects in an efficient manner.
Production Possibilities Curve
The Production Possibilities Curve (PPC) is a model that shows the various combinations of two goods or services that an economy can produce, given its resources and technology, illustrating the concept of opportunity cost.
Unemployment Rate
The percentage of the labor force unemployed at any time.
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