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a. What is a marketable title? Explain.
b. What is the implied warranty of habitability? Explain.
c. Alice buys a home in which she plans to live with her family. After she moves in, everyone in the family becomes very ill. Eventually, they trace the source of the illness to chemicals in the cabinets and walls of the home. What can Alice do? Explain.
Price Ceiling
A price ceiling is a government-imposed limit on how high a price can be charged for a product or service, intended to protect consumers from excessive costs.
Price Ceiling
A legally established maximum price that can be charged for a product or service, often set by government to prevent prices from reaching excessively high levels.
Equilibrium Price
The price at which the quantity of a good or service demanded by consumers is equal to the quantity supplied by producers, resulting in a state of balance.
Surplus
The situation in which the quantity supplied of a good exceeds the quantity demanded, often leading to a decrease in prices.
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