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What are the differentiated conditions of economic issue?

While discussing an economic issue, this is very important to differentiate between:

(a) Two types of conditions: essential and sufficient conditions for a statement to be accurate and

(b) Two forms of statements: positive analysis and normative analysis.

This is easy to confuse the difference between essential conditions and sufficient conditions, a problem which results frequently in incorrect conclusions.

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Microeconomics, Economics

Category:- Microeconomics
Reference No.:- M9581715

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