These quotes about homebuilding price changes are for questions 17 and 18.

"The U.S. Census Bureau shows that construction costs went up by17% year-over-year from 2020 to 2021, the largest spike in this data from year to year since 1970."

"S&P Corelogic Case-Shiller Index Reports 19% Annual Home Price Gain to Start 2022."

17. Construction costs clearly increased because of COVID supply chain and labor shortage issues. The change in home prices shows that at that time, home prices were _____elastic or _____ inelastic.

18. Based on your answer to #17, do you expect that homebuilders started building _____ more or _____ fewer homes?