Suppose That the Equilibrium Price and Quantity of New Houses

question 23

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

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Definitions:

Quartz Crystals

A common and varied mineral species made of silicon dioxide (SiO2), noted for its hardness and crystalline structure.

Dissolution

The process of a solid substance being dissolved in a liquid, resulting in a solution.

Acidic Waters

Water with a low pH, where the concentration of hydrogen ions is high, often resulting from natural processes or pollution.

Groundwater

Water that fills the cracks and spaces in underground soil and rock layers, serving as a critical source of fresh water for drinking, agriculture, and industry.