Refer to the Accompanying Diagram

question 73

Multiple Choice

Refer to the accompanying diagram. Which of the following scenarios would explain this change in equilibrium?

• A) A number of firms left the market.
• B) A number of buyers entered the market, and a number of firms entered the market.
• C) The price of a complement of this good increased.
• D) The price of a substitute of this good increased.
• E) The price of this good decreased.

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Definitions:

Housing

The provision of accommodation, typically in the form of buildings or structures where people can live.

Immigration Rate

A measure of the inflow of new residents to a region from another country or region, typically calculated as the number of immigrants per unit of population per year.

Racially Diverse Society

A society that includes individuals and groups from a wide range of racial and ethnic backgrounds, often advocating for equal respect and treatment.

Birth Rate

The statistical measure of the number of live births per 1,000 people in a given population over a specific period of time.