The shutdown point of a perfectly competitive firm occurs at the minimum point of its average total cost curve

Which of the following are positive economic statements and which are normative economic statements?

a. An increase in the minimum wage causes unemployment. b. The government should raise the minimum wage above $7.25 per hour. c. The prolonged recession has caused the unemployment rate to reach a 30-year high. d. Interest rates need to be lower for the economy to emerge from the recession. e. Inflation has decreased since the onset of the recession. f. Once the recession has ended, interest rates should increase to assure that inflation does not go up.

Answer the question using the table. Figures are in billions of dollars. The equilibrium interest rate and quantity of loanable funds demanded and supplied in this market will be

A. 12 percent and $22 billion. B. 14 percent and $26 billion. C. 10 percent and $18 billion.