Respuesta :
If the number of people seeking to purchase new homes in the area increases at the same time that the prices of lumber and other homebuilding materials increase, then supply and demand analysis predicts that the equilibrium price of new homes will increase but the change in equilibrium quantity cannot be determined from the information given.
When a product is in equilibrium quantity, there is neither a scarcity nor a surplus on the market. When supply and demand cross, the amount of a good that consumers desire to buy is equal to the amount that its manufacturers are supplying.
The only price at which consumer and producer plans coincide is the equilibrium price, which is reached when the quantity sought by consumers and the quantity supplied by producers, respectively, are equal. The equilibrium quantity is the name given to this common quantity.
Learn more about equilibrium quantity here https://brainly.com/question/22569960
#SPJ4
