Consider real estate agents (realtors). For each house sold, they make 6% of the sales price. Consider the two cities: Seattle and Topeka. The median sales price of a home in Seattle is 4x the median sales price of a home in Topeka. However, the realtors in both cities make about the same income. Which concept likely explains this phenomenon?

Group of answer choices

The “Asatur Serardaryan” Inverse Elasticity Theorem

Barriers to entry

Supplier is a price taker

Free entry

Answer rating: 100% (QA)

The detailed answer for the above question is provided below Answer The idea that probably makes sense of this peculiarity is b Barriers to entry Barr... View the full answer