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Home Q & A Board Other Fields Homework Help Business Economics
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Mandolina Mandolina
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6 years ago
Suppose that the average price of a new home in Hometown is $150,000. If the demand for new homes increases,
A) there will be a permanent shortage of new homes at the $150,000 price.
B) there will be a temporary shortage of new homes at the $150,000 price. The shortage will be eliminated when competition between suppliers raises the equilibrium price.
C) there will be a permanent surplus of new homes at the $150,000 price.
D) there will be a temporary surplus of new homes at the $150,000 price. The surplus will be eliminated when competition between suppliers lowers the equilibrium price.
E) there will be a temporary shortage of new homes at the $150,000 price. The shortage will be eliminated when competition between consumers raises the equilibrium price.
Textbook 
Introduction to Economic Reasoning

Introduction to Economic Reasoning


Edition: 8th
Author:
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VilaVila
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Mandolina Author
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#2
6 years ago
This business course was seriously killing me
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