Question 14.14 A headline reads "Lumber Prices Up Sharply."  In a competitive market, this situation would lead to a(n)  increase in the price and quantity of new homes.        decrease in the price and quantity of new homes.        increase in the price of new homes and decrease in quantity.        decrease in the price of new homes and increase in quantity.

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A: c. increase in quantity demanded

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A:

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Q: contraction of supply and decrease in supply

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