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| Topic: |
Business
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| Number of pages / Number of words: |
5 / 1175 |
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The increase in the population of Atlantis increased the demand for apartments with temporary leases. The supply of temporary lease apartments, however, remained the same. Therefore, there was an upward mevement along the demand curve. Since demand is greater than the supply of apartments, rental rates are increased...
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Since demand is greater than the supply of apartments, rental rates are increased. As rates are increased, demand decreased and the supply increased. Eventually, as rental rates and supply increased with less demand, equilibrium is reached.
The fifth scenario provided a situation in which the housing preference changed from the two-bedroom apartments supplied by Goodlife to detached homes provided by a competitor...
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