During the past 40 years the average price of a new single-family home has risen by a
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During the past 40 years the average price of a new single-family home has risen by a factor of ten, making the cost of housing prohibitive for many Americans. Over the same time frame, however, the number of units sold per year has more than doubled. Are these data inconsistent with the idea of a downward-sloping demand curve for new housing?
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No these data are consistent with a downwardsloping demand curve for new h...View the full answer
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