Multiple Choice
In the past five years, two trends have characterized the residential construction industry in Las Vegas, Nevada. First, the growing population has resulted in an increased demand for housing. Also, wages of skilled tradesmen working in construction have risen rapidly. Taken together, how have these two trends affected the market for new homes?
A) The price of housing has not changed, and new people moving into Las Vegas can easily find affordable housing.
B) New home buyers in Las Vegas will pay any price for a home.
C) Home builders in Las Vegas are guaranteed high rates of profit.
D) The price of housing will reflect the fact that it is relatively more scarce.
Correct Answer:
Verified
Correct Answer:
Verified
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