Problem
1. If there are fewer sellers in a market, what will happen to total output? What will happen to the output of each seller?
2. Explain why an increase in the mortgage rate, which reduces the demand for new houses, can teach researchers about the elasticity of the supply curve.
The response should include a reference list. Double-space, using Times New Roman 12 pnt font, one-inch margins, and APA style of writing and citations.