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Figure: Shifts in Demand and Supply IV
-(Figure: Shifts in Demand and Supply IV)Use Figure: Shifts in Demand and Supply IV.The figure shows how supply and demand might shift in response to specific events.Suppose half of the people in Vancouver pack up and move to Calgary.Which panel BEST describes how this will affect the supply of houses in Vancouver?

Question

Use the following to answer questions:
Figure: Shifts in Demand and Supply IV 
-(Figure: Shifts in Demand and Supply IV)Use Figure: Shifts in Demand and Supply IV.The figure shows how supply and demand might shift in response to specific events.Suppose half of the people in Vancouver pack up and move to Calgary.Which panel BEST describes how this will affect the supply of houses in Vancouver?

Quizplus · Accepted Answer

When half of the people move out of Vancouver, the demand for houses decreases, leading to a leftward shift in the demand curve, as shown in Panel (c).

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