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Economics (MindTap Course List)

13th Edition
Roger A. Arnold
ISBN: 9781337617383

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BuyFindarrow_forward

Economics (MindTap Course List)

13th Edition
Roger A. Arnold
ISBN: 9781337617383
Textbook Problem

Buyers always prefer lower prices to higher prices. Do you agree or disagree with this statement? Explain your answer.

To determine

The rent ceiling.

Explanation

The statement “Buyers always prefer lower prices to higher prices” is disagreeable. The buyers may prefer lower prices to higher prices only when all other factors influencing demand remain constant. Since the price is not the only factor which influences the welfare of the consumer, the quality, services, and delivery of services are also concerned by the consumer...

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