Real estate markets tend to be highly segmented due to the heterogeneous nature of the products. Which of the following examples depicts this issue of market segmentation?
A. A couple searching for a single-family detached unit is willing to consider other residential property types such as an attached townhouse unit or condominium.
B. A couple searching for a single-family detached unit has limited their search to homes in a single elementary school district
C. A couple searching for a single-family detached unit has set a timeline for their search of 6 months, at which point they will renew their current apartment lease.
D. A couple searching for a single-family detached unit has limited their search to be in a specific price range between $350,000 and $400,000.
Answer: D. A couple searching for a single-family detached unit has limited their search to be in a specific price range between $350,000 and $400,000.
You might also like to view...
What is the basic criticism that economic theory levels against the movement to base wages on the "comparable worth" of jobs?
A) Markets, not employers, set wage rates for different jobs. B) There are no jobs that are inherently more suitable for women than for men. C) There is no way to compare the satisfactions that different people derive from a job. D) Wage rates determine the worth of workers to an employer by determining the number that will be hired. E) Wage rates will be set by supply and demand and cannot be changed by anything government does.
The marginal expenditure curve for labor is based on the assumption that
A) the most productive workers are hired first. B) the wage rate is independent of the quantity of labor employed. C) the market supply curve for labor is infinitely elastic. D) all workers are paid the same wage rate. E) none of the above