What is a basic model of supply and demand

Reference no: EM131206327

One of the main impacts of the Great Recession in the United States was a significant decline in housing prices in most areas of the country. However, at the same time, the number of homes sold also declined dramatically. Shouldn't the decline in housing prices have resulted in an increase in home sales, as suggested by a basic model of supply and demand?

Reference no: EM131206327

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