Asked by Lauren Byrd-Moreno on May 11, 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 move to Colorado Springs.Which panel BEST describes how this will affect the market for houses in Colorado Springs?
A) Panel A
B) Panel B
C) Panel C
D) Panel D
Colorado Springs
A city in Colorado, United States, known for its breathtaking scenery and as the location of the U.S. Air Force Academy.
Housing Market
A category of the real estate market focused on the buying, selling, and renting of living spaces such as houses and apartments.
- Fathom the effects that shifts in supply and demand have on a range of market situations.
- Apply knowledge of supply and demand to predict market outcomes for housing.
Verified Answer
PS
Paramveer SinghMay 14, 2024
Final Answer :
B
Explanation :
Panel B best describes the situation because it shows an increase in demand (shift to the right) for houses in Colorado Springs as more people move there, without indicating any change in supply.
Learning Objectives
- Fathom the effects that shifts in supply and demand have on a range of market situations.
- Apply knowledge of supply and demand to predict market outcomes for housing.
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