The study found that when Americans were asked to predict the impact of a supply shock on prices for labour, commodities or consumer goods, the correct answers outnumbered the wrong ones by at least two to one. When asked about the impact of a 10 per cent increase in regional housing supply, however, 40 per cent say prices and rents would rise, while only a third say they would fall.
Incredible!
That is insane that 40% of Americans don’t understand basic supply and demand.
Seems kinda low honestly. About half the country votes for supply side economics and still thinks Reagan was a good president… so…