Suppose housing cost in Memphis has been increasing in 2020 compared with 2019. On the other...
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Suppose housing cost in Memphis has been increasing in 2020 compared with 2019. On the other side, demand for houses and apartments in the city goes up really fast as well. Recall the Law of Demand. As an economist, you are asked by city council to figure this puzzle out. How would you explain this pattern ? A. In large cities as Memphis, the law of demand of demand does not always hold. B. The higher demand of housing came from over-supply in 2019. C. There are some factors other than price shifted housing demand curve to the right. D. Housing market in Memphis is special. There is an upward sloping demand curve. Suppose housing cost in Memphis has been increasing in 2020 compared with 2019. On the other side, demand for houses and apartments in the city goes up really fast as well. Recall the Law of Demand. As an economist, you are asked by city council to figure this puzzle out. How would you explain this pattern ? A. In large cities as Memphis, the law of demand of demand does not always hold. B. The higher demand of housing came from over-supply in 2019. C. There are some factors other than price shifted housing demand curve to the right. D. Housing market in Memphis is special. There is an upward sloping demand curve.
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C There are some factors other than price shifted h... View the full answer
Related Book For
Financial and Managerial Accounting the basis for business decisions
ISBN: 978-0078111044
16th edition
Authors: Jan Williams, Susan Haka, Mark Bettner, Joseph Carcello
Posted Date:
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