Answered step by step
Verified Expert Solution
Question
1 Approved Answer
9. The average price of a home in W County rose more than 12% last year but the number of sales fell nearly 15%. Its
9. The average price of a home in W County rose more than 12% last year but the number of sales fell nearly 15%. Its the old law of supply and demand, said a spokesman for the Board of Realtors. The number of sales is down because there's a higher demand for properties but there isn't a corresponding number to sell. What does the old law of supply and demand predict would happen to price and quantity if the demand curve shifts outward and the supply curve does not change
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started