Complete the following table by determining what happens to the following monthl
ID: 1200453 • Letter: C
Question
Complete the following table by determining what happens to the following monthly costs or home ownership when home prices increase. Based on your answers above, as home prices increase, the number of homes demanded: Remains the same Increases Decreases The graph below shows the supply and demand curves for the housing market in the hypothetical economy of Woodshire. On the graph below, use the red point (cross symbol) to show the equilibrium price and quantity in this market. Dashed drop lines will automatically extend to both axes. If the price of homes is lower than the equilibrium price, which of the following is likely to happen? The price will rise until the number of homes people want to own equals the number of existing homes. The demand curve will shift to the right. The price will drop until the number of homes people want to own equals the number of existing homes. The demand curve will shift to the left.Explanation / Answer
1. Will Increase
2. Will Increase
3 Will Increase
4. Decreases
5. The price will rise until the number of homes people
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