Is the following claim true, false, or ambiguous? Justify your answer. A person buys 2...
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Is the following claim true, false, or ambiguous? Justify your answer.
A person buys 2 kilograms of steak per week. The price of steak rises by $0:50 per kilogram. The equivalent variation measure of the impact of this price change on this persons welfare must be less than or equal to -$1:00.
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