If the Market for Diamonds Is at Equilibrium and De

question 209

True/False

If the market for diamonds is at equilibrium and De Beers increased its prices, people would still demand the same quantity of diamonds.

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Definitions:

Forecloses

The legal process by which a lender takes possession of a property when the borrower fails to keep up with mortgage payments.

Deficiency

The lack or shortage of something, typically a necessary quantity or quality.

Liable for Payment

Being legally responsible for the settlement of a debt or financial obligation, typically as a consequence of a contract or law.

Consent

The voluntary agreement to or approval of what is done or proposed by another; can be given explicitly or implicitly.