Refer to Scenario 1.1. The statement, "the minimum wage is harmful to teenagers and should be reduced or eliminated to increase employment among teenagers," is an example of

A) marginal economics.
B) normative economics.
C) positive economics.
D) Ockham's razor.

The statement is an example of normative economics because it includes a value judgment about what ought to be, suggesting that minimum wages should be reduced or eliminated to increase employment among teenagers. Normative economics involves opinions and subjective statements about what is good or bad, as opposed to positive economics, which is based on factual statements and hypotheses that can be tested.