How will an increase in lumber prices influence the home construction market?
a. The demand for newly constructed homes will increase.
b. The demand for newly constructed homes will decrease.
c. The supply of newly constructed homes will increase.
d. The supply of newly constructed homes will decrease.
Question 2
When economists say the supply of a product has decreased, they mean that:
a. the supply curve has shifted to the left.
b. the product price has decreased, and as a consequence, suppliers are producing less of the product.
c. producers are now willing to sell more of this product at each possible price.
d. the supply curve has shifted to the right.
Norway lobsters on sale at a Spanish market
Hong Kong is a strange situation. A British colony since 1842, it was handed back to China in 1997 a
Martha Rosler, Gladiators, from the series House Beautiful: Bringing the War Home. 2004
Classic Supply - Demand Curve
The growth in demand for oil in China is driven by the growth in demand for personal transport
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