The more elastic the supply, the larger the deadweight loss from a tax, all else equal

With an increase in income, the consumer will maximize utility on a new indifference curve that represents a higher level of utility

a. True b. False Indicate whether the statement is true or false

"Minimum wage laws result in unemployment" is a normative statement, while "the minimum wage should be higher" is a positive statement

a. True b. False Indicate whether the statement is true or false