May/June 2026 Paper 12

2026 · 30 questions · 30 parts · 30 marks

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8Market Equilibrium Price MechanismHard1 mark
The demand for housing continues to rise as real incomes increase and more construction firms enter the market to build more houses.
Which diagram represents this situation?
four supply and demand diagrams for houses, labelled A, B, C and D, each with price of houses on the vertical axis and quantity of houses on the horizontal axis. A: supply shifts right from S$_{1}$ to S$_{2}$ and demand shifts right from D$_{1}$ to D$_{2}$. B: supply shifts right from S$_{1}$ to S$_{2}$ with a single, unchanged demand curve D$_{1}$. C: demand shifts right from D$_{1}$ to D$_{2}$ with a single, unchanged supply curve S$_{1}$. D: supply shifts left from S$_{1}$ to S$_{2}$ and demand shifts left from D$_{1}$ to D$_{2}$