Evaluate the Following Argument in Accordance with the Criteria Discussed

question 96

Essay

Evaluate the following argument in accordance with the criteria discussed in the text.
"Four years ago, nonfat milk sold for 95 cents per half gallon. Today I paid $1.45 per half gallon at one of our low-priced supermarkets. That's a 52 percent increase in just four years for an average of 13 percent per year, while the official government inflation rate is less than 3 percent. Why is this? It's not a coincidence that four years ago we got our first Republican governor in this state in a long time."
-From a newspaper call-in column

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Definitions:

Housing

Refers to the residential accommodations available for individuals or families, including houses, apartments, and other living spaces.

Rents

Payments made for the use of property or land. In economics, it can also refer to income derived from the ownership of scarce resources.

Law Of Supply

A principle stating that, all else being equal, an increase in price results in an increase in quantity supplied.

Law Of Demand

The economic principle that, all else equal, an increase in the price of a good will decrease the quantity demanded, and conversely, a decrease in price will increase the quantity demanded.