Tasha is undecided about whether to sell her house or not. If the real estate agent comes to her with a $150,000 offer, she will not sell. If the offer is $175,000 . she will sell. Think of Tasha as one of hundreds of would-be sellers on the housing market. It illustrates that
a. the demand for real estate is unreliable
b. Tasha's decision making reflects a market-day supply
c. there must be an excess supply of homes
d. the supply curve for homes is upward sloping
e. the supply curve for homes is downward sloping
D
You might also like to view...
Which of the following is the best example of a "free" good?
A) HIV/AIDS cocktails freely distributed to people in developing countries B) The air you are currently breathing C) Public roads D) Public schooling in states where education is subsidized
If Brazil's gross revenue from coffee exports doubles from one year to the next even though the number of bags of coffee exported declines 50 percent,
A) individual Brazilian coffee producers are price searchers. B) individual Brazilian coffee producers have substantial market power. C) the demand for Brazilian coffee is most likely elastic. D) the demand for Brazilian coffee is most likely inelastic.