Positive statements are ?
Correct answer: C. statements of description that can be tested
- A. Macroeconomic
- B. Microeconomics
- C. statements of description that can be tested
- D. Statements of prescription that involve value judgments.Economics
Explanation
Positive economics describes what is and makes claims that can be checked against evidence. Statements prescribing what should happen are normative and involve value judgments.
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About Microeconomics
Individual consumers, firms and markets are examined through demand and supply, elasticity, consumer choice, production, costs, revenue and the determination of prices and output. The topic also covers market structures such as perfect competition, monopoly and oligopoly, plus market failure, externalities and the distinction between microeconomic decisions and economy-wide outcomes.
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