Concept explainers
(a)
If
(b)
If market achieves efficient results, identify whether the statement belongs to positive, normative or art of economies.
(c)
Identify if one wants a reasonably efficient result, market should probably be relied on, whether this statement belong to positive, normative or art of economies.
(d)
Identify whether distribution of income should be left to markets, and whether the statement belongs to positive, normative or art of economies.
(e)
Identify ‘the market allocates income according to contributions of factors of production’ whether the statement belongs to positive, normative or art of economies.
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