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Between 1988 and 1989, the Price of Retail Space in Ginza

question 92

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Between 1988 and 1989, the price of retail space in Ginza, Tokyo's premier commercial and entertainment center, rose from $400 to $625 per square foot.This was the result of an increase in demand in the face of a perfectly inelastic supply curve for retail space.Economists call this


Definitions:

Robert Sternberg

An American psychologist best known for his theory on intelligence and creativity.

Commitment

implies a pledge or promise to do something, often requiring dedication and loyalty.

Sternberg's Triangular Theory

A theory of love proposed by psychologist Robert Sternberg, which posits that love consists of three components: intimacy, passion, and commitment.

Empty Love

A term often used in psychology to describe a relationship where commitment is present but intimacy and passion are lacking.

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