Rational individuals may make different choices because their information and circumstances differ.
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Q3: Positive statements are expressions of value judgments.
Q10: Normative statements are expressions of facts.
Q15: Q16: Certain inherently desirable products such as education Q17: The fact that economic generalizations are abstract Q21: In every economic system, choices must be Q22: Refer to the production possibilities curves.The movement Q25: Opportunity cost is best defined as: Q59: Specialization and trade are beneficial to society Q119: A major argument for economic growth is
A)marginal cost
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