If the Demand for Housing Increases and the Supply of Housing

question 152

Multiple Choice

If the demand for housing increases and the supply of housing decreases:

• A) price will go up and quantity will go down.
• B) price and quantity will both go up.
• C) price will increase, but the quantity change is indeterminate.
• D) the quantity will be higher, but the change in price is indeterminate.

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Definitions:

Generation Y

Also known as Millennials; the demographic cohort following Generation X, typically defined as individuals born from the early 1980s to the late 1990s.

Non-monetary Rewards

Incentives provided to employees that do not involve financial benefits, such as recognition, flexible working hours, and professional development opportunities.

Generation X

The demographic cohort following the baby boomers and preceding the Millennials, generally considered to be born between the early 1960s and early 1980s.

Baby Boomers

A generational cohort born approximately between 1946 and 1964, known for experiencing significant economic prosperity and societal change.