67.3k views
4 votes
Suppose the local real estate market is in equilibrium. Recently a recession has caused local household incomes to decline. At the same time, construction of a large subdivision of new homes has just been completed. Given these two changes, we can predict the price of real estate will ________ and the quantity of real estate bought and sold will ________. Group of answer choices

a) fall; fall if the demand decrease is larger than the supply increase
b) fall; rise if the demand decrease is larger than the supply increase
c) rise if the supply increase is larger than the demand decrease; fall
d) fall if the demand decrease is larger than the supply increase; rise

1 Answer

4 votes

Answer: Given these two changes, we can predict the price of real estate will FALL and the quantity of real estate bought and sold will fall if the demand decrease is larger than the supply increase.

The correct answer is "a) fall; fall if the demand decrease is larger than the supply increase".

Explanation: A decrease in the income of local households indisputably causes households to consume less, that is, a decrease in demand, when the construction of a subdivision of houses is completed, there is an increase in the supply of real estate, to know if the amount of real estate purchased and sold will be greater or lesser, we must know how much the demand decreased and how much the supply increased, since if the demand decrease is larger than the supply increase the amount will be smaller, and if the supply increase is greater than the decrease of the demand the amount will be greater.

User Oleks
by
4.8k points