Figure 4-16 ↑price S S quantity Refer to Figure 4-16. If the supply curves that are drawn represent supply curves for single-family residential houses, then the movement from S to S' could be caused by a(n) a. increase in the price of apartments which are a substitute for single-family houses for many people looking for a place to live. b. newly-formed expectation by house-builders that prices of houses will increase significantly in the next six months. c. decrease in the price of lumber. d. All of the above are correct.

Figure 4-16 ↑price S S quantity Refer to Figure 4-16. If the supply curves that are drawn represent supply curves for single-family residential houses, then the movement from S to S' could be caused by a(n) a. increase in the price of apartments which are a substitute for single-family houses for many people looking for a place to live. b. newly-formed expectation by house-builders that prices of houses will increase significantly in the next six months. c. decrease in the price of lumber. d. All of the above are correct.

Principles of Economics 2e

2nd Edition

ISBN:9781947172364

Author:Steven A. Greenlaw; David Shapiro

Publisher:Steven A. Greenlaw; David Shapiro

Chapter6: Consumer Choices

Section: Chapter Questions

Problem 17P: If a 10 decrease in the price of one product that you buy causes an 8 increase in quantity demanded...

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