If the Supply Curve for Housing Is Perfectly Inelastic, a Reduction

question 222

Multiple Choice

If the supply curve for housing is perfectly inelastic, a reduction in demand will cause the equilibrium price to:

• A)rise and the equilibrium quantity to fall.
• B)rise and the equilibrium quantity to stay the same.
• C)fall and the equilibrium quantity to fall.
• D)stay the same and the equilibrium quantity to fall.
• E)fall and the equilibrium quantity to stay the same.

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