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Let's imagine the market demand for petrol increases because the demand for automobiles, a complimentary good, has increased. Simply put, with more cars, more petrol is needed. Intially, the market is in ...

Yes:

• A greater variety of goods and services offered to consumers, this involves goods and services that may not be offered usually in the country of the consumer 

• Great...

Price Elasticity of Demand (PED) is the responsiveness of demand to a change in a product's price. PED may be calculated using the formula (% Change in quantity demanded / % Change in price). PED differs ...

Yes (beneficial):

-Increase in GDP, increase in disposable income, increase in standard of living, increase in consumption, increase in AD --> multiplier effect

Depends on who experiences...

Positive statements are objective and can be tested whether they are true or false.

Normative statements are subjective value judgements that cannot be tested whether they are true or false.