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Author Question: The term or phrase most likely to indicate a normative statement is A) ceteris paribus. B) ... (Read 37 times)

WWatsford

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on: Jun 29, 2018
The term or phrase most likely to indicate a normative statement is
 
  A) ceteris paribus.
  B) factual. or what is statement.
  C) holding other things constant.
  D) should or ought to.

Question 2

Explain the concept of the law of increasing additional cost.
 
  What will be an ideal response?


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mathjasmine

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Reply #1 on: Jun 29, 2018
Answer to Question 1

D

Answer to Question 2

The law of increasing relative cost is the fact that the opportunity cost of additional units of a good increases as society tries to produce more of that good. This accounts for the bowed-out shape of the production possibilities curve.


WWatsford

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Reply 2 on: Jun 29, 2018
Excellent

mohan

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Reply 3 on: Yesterday
Thanks for the timely response, appreciate it

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