Give two examples of positive statements about the economy, and two examples of normative ones. Now give two examples that are seemingly positive, but which have normative implications or undertones.
Answer to relevant QuestionsFor what reasons might the price of foreign holidays rise? In each case, identify whether these are reasons affecting demand, supply, or both.Why are both the price elasticity of demand and the price elasticity of supply likely to be greater in the long run?Compare the relative benefits of subsidies and high minimum prices (as under the CAP) to(a) The consumer; (b) The farmer.Choose two industries that you believe are very different. Identify factors used in those industries that in the short run are (a) fixed; (b) variable.Think of three examples of monopolies (local or national) and consider how contestable their markets are.
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