ECO 450 Week 3 Quiz

Which of the following is a normative statement?

If a government desires to increase production beyond the current competitively determined efficient level, the government should:

If the efficient output of a good is produced each week, then the:

Normative economics:

Diamonds are sold by a monopoly firm that maximizes profits. Then it follows that:

The marginal social cost of bread exceeds the marginal social benefit at the current weekly output. Therefore,

An efficient level of output means:

Positive economics is:

Suppose the efficient output currently prevails in the market for ice cream. A tax on ice cream con