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7 . Pitfalls to avoid in economic thinking Consider the following statement: A decrease in incomes will cause people to reduce their purchases of housing.

7 . Pitfalls to avoid in economic thinking Consider the following statement: A decrease in incomes will cause people to reduce their purchases of housing. Which of the following best interprets the statement? The statement might be true for some housing markets but not for all housing markets. The statement implies that good policies do not guarantee desirable outcomes. The statement demonstrates that association is not causation. The statement violates the ceteris paribus condition

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