Question
If there is a shortage of flowers, their price will rise. The shortage will eventually disappear because the higher price will reduce demand and increase
because the higher price will reduce demand and increase supply." Explain what's wrong with
this statement.
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Step: 1
The statement has a logical flaw While its true that a shortage leads to higher pr...Get Instant Access to Expert-Tailored Solutions
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Exploring Economics
Authors: Robert L Sexton
5th Edition
978-1439040249, 1439040249
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