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The figure shows the market for new homes at the end of 2022. Virtually everyone requires a mortgage?a loan?to buy a home. In 2023, the

The figure shows the market for new homes at the end of 2022. Virtually everyone requires a mortgage?a loan?to buy a home. In 2023, the interest rate paid on mortgages rose significantly. Consequently, at every price the quantity of new homes demand changed by 3 million. The market was in equilibrium in 2022 and 2023. You will be asked several questions about this situation.

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