47 Interpretations of known facts that differ between people are referred to as Positive economic statements Debatable economic statements Congressional economic statements Normative economic statements. 1.4 points QUESTION 48 When the equilibrium price is indeterminable and equilibrium quantity falls we can infer that a. demand has decreased and so has supply b. demand has increased and so has supply c. demand has decreased and supply has increased c. demand has increased and supply has decreased 1.4 points QUESTION 49 On a budget line if the price of the good on the X axis is increased the entire budget line shifts leftward. the entire budget line shifts rightward. the budget line rotates leftward or inward along the X-axis. the budget line rotates rightward or upward along the Y-axis. 1.4 points QUESTION 50 Economic surplus or welfare is maximized when consumer surplus and producer surplus are maximized the point where marginal benefit equals marginal cost the output level where the difference between marginal benefit and marginal cost is the greatest where the consumer and producer surplus are equal