Using your knowledge of positive and normative statements from earlier chapters, identify each of the following statements relating to price ceilings and price floors as either positive statements or normative statements. Assume that all the price controls are binding.(1) A price floor in the form of a minimum wage is necessary to provide a living wage to people in the country. This statement is a statement. Positive or Normative(2) A minimum wage increases the quantity supplied of labor in the workplace. This statement is a statement. Positive or Normative(3) Governments should require higher minimum wages to increase economic growth. This statement is a statement. Positive or Normative

On december 31, 2016, the decarreau, andrew, and bui partnership had the following fiscal year-end balance sheet: cash $10,000accounts receivable $20,000inventory $25,000plant assets - net $30,000loan to decarreau $18,000total assets $103,000accounts payable $14,000loan from bui $15,000decarreaua, capital (20%) $32,000andrew, capital (10%) $23,000bui, capital (70%) $19,000total liab./equity $103,000the percentages shown are the residual profit and loss sharing ratios. the partners dissolved the partnership on january 1, 2017, and began the liquidation process. during july the following events occurred: * receivables of $18,000 were collected.* all inventory was sold for $15,000.*all available cash was distributed on january 31, except for$8,000 that was set aside for contingent expenses.the book value of the partnership equity (i.e., total equity of the partners) on december 31, 2016 isa. $58,000b. $71,000c. $66,000d. $81,000