Question 1 Define the difference between following terms : i) Microeconomics versus Macroeconomics ii) Normative statements versus positive statements iii) Change in Supply versus change in quantity supplied iv) Law of Demand versus law of supply v) Determinants of Demand versus determinants of Supply vi) Opportunity cost versus Marginal cost vii) Price Elasticity of Demand versus Cross-Price Elasticity of Demand. viii) Perfect competition versus competitive markets ix) Invisible hand theory versus price controls x) ‘Free lunch’ versus ‘there’s no such thing as free lunch’ xi) ‘How people make decisions’ versus ‘How people interact’ Note: kindly answer the all above terms with example if you want upvote for your answer thanks
Question 1
Define the difference between following terms :
i)
ii) Normative statements versus positive statements
iii) Change in Supply versus change in quantity supplied
iv)
v) Determinants of Demand versus determinants of Supply
vi)
vii)
viii)
ix) Invisible hand theory versus price controls
x) ‘Free lunch’ versus ‘there’s no such thing as free lunch’
xi) ‘How people make decisions’ versus ‘How people interact’
Note: kindly answer the all above terms with example if you want upvote for your answer thanks
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