Final answer:
The concept that the value of a better property will suffer if it is surrounded by less expensive properties is true. It is known as the principle of deterioration in economics.
Step-by-step explanation:
The concept that the value of a better property will suffer if it is surrounded by less expensive properties is true. This concept is known as the principle of deterioration. When a property is surrounded by lower-priced properties or undesirable conditions, it can negatively impact its value and desirability.
For example, if a luxurious mansion is surrounded by dilapidated houses or industrial buildings, it may be perceived as less desirable and therefore suffer a decrease in value. Similarly, if a beautiful neighborhood becomes run-down or crime-ridden, the value of the properties within that neighborhood may decline.
This concept is important to consider when investing in real estate or evaluating the potential value of a property.