Some Economics Students Cite the Following Three Factors That May

Multiple Choice

Some economics students cite the following three factors that may cause the demand curve for houses in Calgary to shift to the right when the price of oil rises:
(1) the population in Calgary increase during oil booms;
(2) the income of individuals increase during oil booms;
(3) the price of the average house rises substantially during oil booms,but is not expected to rise further.
Which of the above factors were cited correctly?

A) Factor 1 only.
B) Factor 2 only.
C) Factor 3 only.
D) Factors 1 and 2.
E) Factors 1,2,and 3.