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What happens when Demand Falls and Supply remains the same or grows?
For economics I need to analyze an article regarding 'Slow market cuts time to build new home in half'
In the article it states that at March 2006 it took on average 1 year to construct an average home due to a huge boom which caused an over load in demand...and of course a short fall in supply. However due to a hike in interest rates and the fact that homes had become too expensive for many home buyers to purchase, the time it took to build a home during March 2007 had halved, to taking only 6 months from construction to completetion.
I know that this has to be a case of Demand Falling, but what about supply...does it increase or it says the same because only demand falls.
I would really appreciate it if anyone could help explain the economic theory applicable to such a situation, and what sort of graphs I can use to support my findings.
Thanks
That is what is happened and isHERE in America why too many Border people and Not enough people with jobs and it takes money tomake it happen. {Mexicans and the war has wrecked -------------
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