Which of the following best explains why the supply of housing in Detroit is much less elastic than in other cities? The automotive industry's dominance of the economy in Detroit discourages building homes in the city, even if prices rise O People find Detroit to be an undesirable place to live and wouldn't invest in houses in Detroit, even if pices rise O The high number of vacant houses in Detroit discourages builders from constructing new homes, even if prices rise O There is a fixed amount of land in Detroit, which limits the number of new houses that can be built if prices rise

Which of the following best explains why the supply of housing in Detroit is much less elastic than in other cities? The automotive industry's dominance of the economy in Detroit discourages building homes in the city, even if prices rise O People find Detroit to be an undesirable place to live and wouldn't invest in houses in Detroit, even if pices rise O The high number of vacant houses in Detroit discourages builders from constructing new homes, even if prices rise O There is a fixed amount of land in Detroit, which limits the number of new houses that can be built if prices rise

Principles of Economics 2e

2nd Edition

ISBN:9781947172364

Author:Steven A. Greenlaw; David Shapiro

Publisher:Steven A. Greenlaw; David Shapiro

Chapter3: Demand And Supply

Section: Chapter Questions

Problem 55P: Table 3.9 illustrates the markets demand and supply for cheddar cheese. Graph the data and find the...

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Similar questions

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Table 3.9 illustrates the markets demand and supply for cheddar cheese. Graph the data and find the equilibrium. Next, create a table showing the change in quantity demanded or quantity supplied, and a graph of the new equilibrium, in each of the following situations: The price of milk, a key input for cheese production, rises, so that the supply decreases by 80 pounds at every price. A new study says that eating cheese is good for your health, so that demand increases by 20 at every price.