Asked by Nabil Abdulkadir on May 01, 2024
Verified
(Figure: Shifts in Demand and Supply IV) Use Figure: Shifts in Demand and Supply IV.The figure shows how supply and demand might shift in response to specific events.Suppose half of the people in San Diego pack up and move to Colorado Springs.Which panel BEST describes how this will affect the supply of houses in San Diego?
A) Panel A
B) Panel B
C) Panel C
D) Panel D
Supply of Houses
The total number of residential properties available for purchase or rent in a given geographical area.
Colorado Springs
A city located in the state of Colorado, USA, known for its picturesque landscapes and proximity to the Rocky Mountains.
San Diego
A coastal city in California, known for its beaches, parks, and warm climate.
- Utilize understanding of supply and demand principles to forecast outcomes in the housing market.
Verified Answer
LM
Lesby MayorquinMay 08, 2024
Final Answer :
C
Explanation :
Panel C shows a decrease in demand for houses in San Diego, which would lead to an increase in the supply of houses as there are now more houses available than there are people who want to buy them.
Learning Objectives
- Utilize understanding of supply and demand principles to forecast outcomes in the housing market.