Answered

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You note that the equilibrium price and the equilibrium quantity of new houses both
increase. Which of the following could cause this?
The wages of new house builders rise
A technological advance in how to frame a new house has been developed
The rents for nearby apartments are lower than before
More buyers have moved into the area

Sagot :

GinnyAnswer

Final answer:

Factors such as wage increases for builders, technological advances, and an increase in the number of buyers can lead to an increase in both the equilibrium price and quantity of new houses.


Explanation:

A rise in the wages of new house builders would increase the production costs of new houses, leading to an increase in the equilibrium price and quantity due to higher costs being passed on to consumers. On the other hand, a technological advance in how to frame a new house can increase efficiency and lower production costs, leading to an increase in equilibrium price and quantity. However, more buyers moving into the area would directly increase demand and result in both equilibrium price and quantity of new houses to rise.


Learn more about equilibrium price and quantity of new houses here:

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