Business, 14.02.2020 18:10 gungamer720
Using your knowledge of positive and normative statements from earlier chapters, identify each of the following statements relating to price ceilings and price floors as either positive statements or normative statements. Assume that all the price controls are binding.(1) A price floor in the form of a minimum wage is necessary to provide a living wage to people in the country. This statement is a statement. Positive or Normative(2) A minimum wage increases the quantity supplied of labor in the workplace. This statement is a statement. Positive or Normative(3) Governments should require higher minimum wages to increase economic growth. This statement is a statement. Positive or Normative
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Using your knowledge of positive and normative statements from earlier chapters, identify each of th...
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