In a market in which demand is price inelastic, producers can gouge consumers and the government must
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“In a market in which demand is price inelastic, producers can gouge consumers and the government must set high standards of conduct for producers to ensure that consumers get a fair deal.” Do you agree or disagree with each part of this statement? Explain how you might go about testing the positive part.
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Most of this statement is normative in nature The terms gouge high standards of conduct and fair ...View the full answer
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