If the Demand for Housing Increases and the Supply of Housing

question 152

Multiple Choice

If the demand for housing increases and the supply of housing decreases:

• A) price will go up and quantity will go down.
• B) price and quantity will both go up.
• C) price will increase, but the quantity change is indeterminate.
• D) the quantity will be higher, but the change in price is indeterminate.

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Definitions:

Gray Markets

A marketplace where products are sold through unauthorized channels, which, while not illegal, are unofficial and unauthorized by the original manufacturer.

Brand Licensing

A legal authorization by a brand owner allowing another company to use its brand, logo, or product names for a specified purpose and period.

Local

Relating to or occurring in a particular area, community, or locality; often used to emphasize the importance of community-based or region-specific characteristics.

Reterritorialization

The process by which a space or territory is reorganized and redefined, often in response to social, cultural, or economic changes.