please answer numbers 5/6/7

Economies is broadly defined as: the study of how individuals and governments distribute scarce goods and services to meet the objectives of the government. the study 0f how societies allocate scarce resources for the production, distribution and consumption of goods and services to meet the needs of various economic units. the study of how the four basic factors of production are used in order to market goods and services. the study of how governments make decisions and allocate scarce resources in the production and distribution of goods and services to meet the needs of various economic units. Developer Reed decides to construct townhouses in response to a growing demand for this type of housing. However, by the time construction commences several months have passed and the market has cooled considerably due to changes in government policies and an unrelated, dramatic upswing in unemployment due to two local plant closings. Reed is faced with a significant inventory of unsold homes. Which of the following statements applies to this situation? The real estate market is dynamic and adjustments to the supply of new homes can be made quickly. The increase in the supply of new homes will cause an increase in prices. The real estate market is international in nature now that the internet has become popular. The lead time necessary to introduce product to the marketplace can be a significant factor in the overall success of a real estate project. When statistically analyzing a group of numbers, the median is: an average where the data given a higher weight contributes more to the mean average than the data given - lower weight. the middle number within a group of numbers that are placed in order from lowest to highest. an average where all of the data elements used are given equal weight. an average based on the number that appears most frequently within an array of numbers. Which of the following could be an indication that the property may NOT have sold for market value? Both buyer and seller were well informed. The buyer viewed several similar homes that were on the market The property sold the first day it was listed. Both the buyer and the seller considered all pertinent factors before agreeing on the price