The rent for 2-bedroom apartments in Detroit has fallen from an average of $796 in September 2014
Question:
The rent for 2-bedroom apartments in Detroit has fallen from an average of $796 in September 2014 to $717 in March 2015. Demand for 2-bedroom apartments in Detroit was falling during this period as well. This is hard to explain because the law of demand says that lower prices should lead to higher demand. Do you agree or disagree? Explain your answer.
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Disagree this is not hard to explain The law of demand does say that lower prices shoul...View the full answer
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Usman Nasir
I did Master of Commerce in year 2009 and completed ACCA (Association of Chartered Certified Accountants) in year 2013. I have 10 years of practical experience inclusive of teaching and industry. Currently i am working in a multinational company as finance manager and serving as part time teacher in a university. I have been doing tutoring via many sites. I am very strong at solving numerical / theoretical scenario-based questions.
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Related Book For
Principles of Macroeconomics
ISBN: 978-0134078809
12th edition
Authors: Karl E. Case, Ray C. Fair, Sharon E. Oster
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