The market for new homes is in equilibrium. New homes are a normal good for consumers. If a recession reduces consumers' incomes at the same time that the price of lumber (an input in making new homes) increases, we can say with certainty that:_________

a. the equilibrium price of new homes will decrease
b. the equilibrium price of new homes will increase
c. the equilibrium quantity of new homes will increase
d. the equilibrium quantity of new homes will decrease

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26-01-2022
Business

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The market for new homes is in equilibrium. New homes are a normal good for consumers. If a recession reduces consumers' incomes at the same time that the price of lumber (an input in making new homes) increases, we can say with certainty that:_________

a. the equilibrium price of new homes will decrease
b. the equilibrium price of new homes will increase
c. the equilibrium quantity of new homes will increase
d. the equilibrium quantity of new homes will decrease

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ayfat23 ayfat23 · Answer 1 · 2022-01-31T11:54:53+01:00

Based on provided information, If a recession reduces consumers' incomes at the same time that the price of lumber (an input in making new homes) increases, we can say with certainty that the equilibrium price of new homes will increase.

What is Equilibrium price?

Equilibrium price can be regarded as the point where there is an intersection between cost of a product as well as demand for that product.

Therefore, the equilibrium price of new homes will increase.

Learn more about Equilibrium price at;

https://brainly.com/question/13925210