Question

In the short term, how does competitive housing real-estate market react during a natural disaster? Multiple...

In the short term, how does competitive housing real-estate market react during a natural disaster?

Multiple Choice

  • The price decreases, causing the quantity demanded to increase and the quantity supplied to decrease.

  • The price increases, causing the quantity demanded to increase and the quantity supplied to decrease.

  • The price decreases, causing the quantity demanded to decrease and the quantity supplied to increase.

  • The price increases, causing the quantity demanded to increase and the quantity supplied to increase.

  • The price increases, causing the quantity demanded to decrease and the quantity supplied to increase.

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Answer #1

In the short term,competitive housing real-estate market react during a natural disaster as The price decreases, causing the quantity demanded to increase and the quantity supplied to decrease. Due to natural disaster many house will be desroyed thus quantity supplied will decrease supply curve will shift inward, on the other hand many house will be damaged thus people will demand for more housing property thus quantity demanded will increases so demand curve will shift outward.We can not comment on the quantity of the housing market it may rise, fall or remain same depending upon the magnitude of the change of supply and demand along with elasticity, but price will always increase as demand increases and supply falls.

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