Examlex
Which of the following questions or statements regarding minimum wage is normative?
Price Inelastic
Describes a situation where the demand for a product does not significantly change with a change in its price.
Price Volatile
Referring to how quickly and to what extent the price of a commodity or asset can change within a short period of time.
Elastic
Describes a situation in economics where the demand or supply of a good or service is sensitive to changes in price.
Necessity
An indispensable requirement or need for something; often something that is essential for survival or to carry out a specific task.
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