question 6 1 pts suppose that the equilibrium price and quantity of new houses both increase. which of the…

question 6 1 pts suppose that the equilibrium price and quantity of new houses both increase. which of the following could be a cause of this change? more home buyers might have moved into the area. the rent for nearby apartments might have fallen. a technological advance in framing a new house might have occurred. the wage paid carpenters who build new houses might have risen. the cost of wood framing used to build houses might have fallen.

question 6 1 pts suppose that the equilibrium price and quantity of new houses both increase. which of the following could be a cause of this change? more home buyers might have moved into the area. the rent for nearby apartments might have fallen. a technological advance in framing a new house might have occurred. the wage paid carpenters who build new houses might have risen. the cost of wood framing used to build houses might have fallen.

Answer

Brief Explanations:

When more home - buyers move into the area, the demand for new houses increases. An increase in demand shifts the demand curve to the right. In a supply - demand model, when the demand curve shifts to the right while the supply curve remains constant or also shifts in a way that supports it, both the equilibrium price and quantity of new houses will increase. A fall in nearby apartment rent would make apartments more attractive, reducing the demand for new houses. A technological advance in framing would increase supply, which might lower the price. A rise in carpenter wages would increase production costs and likely decrease supply, increasing price but decreasing quantity. A fall in wood - framing cost would increase supply, which might lower the price.

Answer:

More home buyers might have moved into the area.