Suppose the Equilibrium Price and Quantity of New Houses Both

question 133

Multiple Choice

Suppose the equilibrium price and quantity of new houses both increase. Which of the following could be a cause of this change?

• A) A technological advance in framing a new house might have occurred.
• B) More home buyers might have moved into the area.
• C) The cost of wood framing used to build houses might have fallen.
• D) The rent for nearby apartments might have fallen.
• E) The wage paid to carpenters who build new houses might have risen.

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Definitions:

Belongingness

The human emotional need to be an accepted member of a group, whether it is family, friends, or co-workers.

Esteem Needs

Maslow's hierarchy of needs level, where individuals seek respect, self-esteem, recognition, and success to feel valued and fulfilled.

Deficiency Motive

A motivation that arises from the lack or deficit of some need or desire, driving behavior to fulfill that need.

Hierarchy

Hierarchy refers to a system or organization in which people or groups are ranked one above the other according to status or authority.