Multiple Choice
If the supply curve for housing is perfectly inelastic, how will a reduction in demand affect the equilibrium price and quantity?
A) The price will rise and the quantity will fall.
B) The price will fall and the quantity will fall.
C) The price will fall and the quantity will stay the same.
D) The price will rise and the quantity will stay the same.
Correct Answer:
Verified
Correct Answer:
Verified
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