Suppose That the Equilibrium Price and Quantity of New Houses

question 72

Multiple Choice

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

• A)The supply of new houses increased and the demand for new houses did not change.
• B)The supply of new houses decreased and the demand for new houses did not change.
• C)Both the supply and the demand for new houses increased and the supply increased by more than the demand.
• D)The demand for new houses increased and the supply did not change.
• E)Both the supply and demand for new houses decreased.

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Definitions:

Lean Manufacturing

An organized approach for reducing waste in a manufacturing system without compromising on productivity.

Pull Manufacturing

An important lean practice in which products are manufactured only as they are needed by the customer.

Production Schedules

Timetables that outline the sequence and duration of tasks or operations in the manufacturing process.

Customer Orders

Requests by customers for specific products or services, which companies then fulfill as part of their business operations.