Facts serve to sort out good and bad hypotheses
Explain the statement: “Facts serve to sort out good and bad hypotheses.”?
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To test a hypothesis, economists must subject it to systematic and repeated comparison with relevant facts. If real-world data confirm the hypothesis repeatedly, we have a good theory, otherwise it must be discarded and a new hypothesis developed.
Adam Smith and most of the typical economists who followed instantly in his footsteps: (i) viewed monopoly as no big problem. (ii) encouraged monopolies due to their research and development abilities. (iii) thought monopoly power was a communist plot
Which of the given describes a situation in which each good or service is produced up to the point where the last unit gives a marginal benefit to consumers equivalent to the marginal cost of producing this? w) productive efficiency.
Drinking at a public water fountain is: (w) a public good because anyone may drink from it. (x) results in a negative externality because others can’t drink from this at similar time. (y) a positive externality because you are benefiting by other’s provisi
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Illustrate and clarify the economizing problem?
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