9.

The supply of new houses in Houston is best described as:

a. The quantity of new houses that builders are willing and able to build at various prices in a given period of time.

b. The number of new houses built in Houston in 2020.

c.The number of new houses purchased in Houston in 2020.

d. As the price of new houses in Houston fell in 2020, builders built fewer new houses.

10.

Consider a market with an equilibrium price of $10. If the government imposes a price ceiling of $8, other things equal, the result will be as follow:

a. A shortage will occur because the price ceiling is below the equilibrium price.

b. A surplus will occur because the price ceiling is below the equilibrium price.

c. A surplus will occur because the price ceiling is above the equilibrium price.

d. The price ceiling will not affect the market which will remain at equilibrium.