"If the price of wine increases, the quantity purchased will increase." Is this a positive or a normative economic statement? Explain your answer
Since it is a testable proposition, it is a positive economic statement. The statement need not be true, only testable.
Economics
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If the demand for a product increases and the supply of the same product increases, the equilibrium price will increase
Indicate whether the statement is true or false
Economics
Values can be classified in several ways according to the book, which one of these was not listed
a. Absolute and relative b. Intrinsic and extrinsic c. Traditional and prophetic d. Instrumental and terminal
Economics