Which of the following best explains why the supply of housing in Detroit is much less elastic than in other cities? The automotive industry's dominance of the economy in Detroit discourages building homes in the city, even if prices rise O People find Detroit to be an undesirable place to live and wouldn't invest in houses in Detroit, even if pices rise O The high number of vacant houses in Detroit discourages builders from constructing new homes, even if prices rise O There is a fixed amount of land in Detroit, which limits the number of new houses that can be built if prices rise

Which of the following best explains why the supply of housing in Detroit is much less elastic than in other cities? The automotive industry's dominance of the economy in Detroit discourages building homes in the city, even if prices rise O People find Detroit to be an undesirable place to live and wouldn't invest in houses in Detroit, even if pices rise O The high number of vacant houses in Detroit discourages builders from constructing new homes, even if prices rise O There is a fixed amount of land in Detroit, which limits the number of new houses that can be built if prices rise

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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graph the line of demand and the of line of supply showing point of equilibrium of these two equations: Qsupply = 2.5P + 30Qdemand= -20P + 370