carefully explain what is happening in the following market.indicate the impact if any on demand, supply price and quantity: In the market for housing, house prices are expected to increase significantly in the neat future. choose the suitable answer for question 1,2,3 &4 Questions: 1) impact on supply 2) impact on demand  3) impact on price 4) impact on quantity  Answer: a. decrease equilibrium quantity  b.excess supply c. increase equilibrium quantity d. decrease towards equilibrium

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 1SCQ: Review Figure 3.4. Suppose the price of gasoline is 1.60 per gallon. Is the quantity demanded higher...
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carefully explain what is happening in the following market.indicate the impact if any on demand, supply price and quantity:

In the market for housing, house prices are expected to increase significantly in the neat future.

choose the suitable answer for question 1,2,3 &4

Questions:

1) impact on supply

2) impact on demand 

3) impact on price

4) impact on quantity 

Answer:

a. decrease equilibrium quantity 

b.excess supply

c. increase equilibrium quantity

d. decrease towards equilibrium

e.increase towards equilibrium

f. change in price in uncertain

g.decrease equilibrium price

h.excess demand

i. change in quantity uncertain

j.increase equilibrium price

k. no impact

l.shift outwards/ to right 

m.shift inwards/to left

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