How would a decrease in lumber prices influence the home construction market?

A) The demand for newly constructed homes will increase.
B) The demand for newly constructed homes will decrease.
C) The supply of newly constructed homes will increase.
D) The supply of newly constructed homes will decrease.

Lumber Prices

The cost or price of wood or timber, which can fluctuate based on factors like supply and demand, environmental regulations, and economic conditions.

Home Construction

The process of building residential structures, such as houses and apartments, often involving design, planning, and assembly of materials.

Demand

The total amount of a good or service that consumers are willing and able to purchase at a given price in a specified time period.