-Using the Above Figure, Suppose That Roses Are a Normal

question 161

Multiple Choice

-Using the above figure, suppose that roses are a normal good. If there is an increase in income

• A) the equilibrium price will rise above $25 per dozen roses.
• B) the equilibrium quantity will decrease below 10 dozen roses.
• C) we cannot predict what will happen to the equilibrium price.
• D) we cannot predict what will happen to the equilibrium quantity.

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Definitions:

Realtor

A professional in the real estate industry who is a member of the National Association of Realtors and adheres to its code of ethics, involved in buying, selling, or renting properties.

Covenant Deeds

Legal agreements used in property deeds to restrict sale to, occupation by, or use by people of a particular race or religion, historically contributing to racial segregation and discrimination in housing.

Massey's Spatial Assimilation Thesis

A theory proposed by sociologist Douglas S. Massey, which suggests that the spatial assimilation of immigrants into a host society occurs as they acquire socioeconomic status and adopt behaviors of the native population.

Ethnic Enclaves

Geographical areas with high concentrations of individuals from the same ethnicity, fostering a sense of community and cultural preservation.