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For each of the following statements, indicate whether it is a positive statement or a normative statement and why. A fundamental assumption of the economic
For each of the following statements, indicate whether it is a positive statement or a normative statement and why.
- A fundamental assumption of the economic theory of consumer behavior is that consumers always prefer having more of any good to having less of it.
- Provincial governments should not subsidize private corporations by training welfare recipients.
- To make the good available to more people, a lower price should be set.
- When the price of a good goes up, consumers tend to buy less of it.
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