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Economics (MindTap Course List)

13th Edition
Roger A. Arnold
ISBN: 9781337617383

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BuyFindarrow_forward

Economics (MindTap Course List)

13th Edition
Roger A. Arnold
ISBN: 9781337617383
Textbook Problem

Smith has been trying to sell his house for six months, but so far he has had no buyers. Draw the market for Smith’s house.

To determine

The market for Person S’s house.

Explanation

Figure 1 shows the market for Person S’s house.

The horizontal axis of Figure 1 measures the quantity of house and the vertical axis measures the price. Since the quantity supplied is fixed, the supply for S is indicated by the vertical supply curve S. The demand for the house is indicated by the downward sloping demand curve D...

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