Demand for houses in London has pushed house prices up a great deal over the past five years. Many people are now unable to afford to purchase a house. What can be concluded from this?
- AOn a demand and supply diagram for houses there has been a movement up the demand curve.
- BOn a demand and supply diagram for houses there has been a movement up the supply curve.
- CThe price elasticity of demand for houses is greater than one.
- DThe price elasticity of supply of houses is zero.