When a Home Buyer Agrees to Continue to Make Monthly

question 55

Essay

When a home buyer agrees to continue to make monthly payments to the seller's existing mortgage lender, a(n) __________________ occurs.​

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Definitions:

More Inelastic

Describing a situation where the demand for a good or service is less sensitive to changes in price, indicating consumers are less likely to reduce their quantity demanded as the price increases.

Elastic Demand

A situation in which the quantity demanded of a good or service significantly changes in response to a change in price.

Close Substitutes

Products or services that can easily replace one another in usage or consumption.

Demand Curves

Graphs showing the relationship between the price of a good and the quantity demanded by consumers, typically downward sloping.