ECONOMICS
PRICE CEILINGS AND FLOORS
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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If he illegally subleases his apartment to Sally on the black market for $2, 500 per month and instead rents a $2, 000 apartment, is he better off or worse off than if he obeyed the law?
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Better off
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Worst off
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Indeterminate given the information.
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None of the above
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Explanation:
Detailed explanation-1: -If Harry illegally subleases his apartment to Sally on the black market for $2, 500 per month and instead rents a $2, 000 apartment, is he better off or worse off than if he obeyed the law? By how much? He would be $500 better off.
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