Say the average price of a new home in Lampard City is $160,000. The local government has
Question:
Say the average price of a new home in Lampard City is $160,000. The local government has just passed new licensing requirements for housing contractors. Based on possible shifts in demand or supply and assuming that the licensing changes don’t affect the quality of new houses, which of the following is a reasonable prediction for the average price of a new home in the future?
a. $140,000
b. $150,000
c. $160,000
d. $170,000
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Related Book For 
Managerial Economics
ISBN: 9781337106665
5th Edition
Authors: Luke M. Froeb, Brian T. McCann, Michael R. Ward
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