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SOLVED:State whether the following statements belong in positive economics, normative economics, or the art of economics. (L O I-5) a. In a market, when quantity supplied exceeds quantity demanded, price tends to fall. b. When determining tax rates, the government should take into account the income needs of individuals. c. Given society's options and goals, a broad-based tax is generally preferred to a narrowly based tax. d. California currently rations water to farmers at subsidized prices.
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