Assume there is a simultaneous decrease in the incomes of people in th

Assume there is a simultaneous decrease in the incomes of people in the market for new homes and a decrease in the wages paid to carpenters, plumbers, and electricians.

All else constant, we can predict, with certainty, that in the market for new homes the equilibrium: A) quantity of new homes will decrease.
B) quantity of new homes will increase.
C) price of new homes will decrease.
D) price of new homes will increase.

ANSWER

C