market adjustment

It seems I am something of the regular discussant on the economics of housing issues in Grand Forks and North Dakota. I was a roundtable participant tonight where the topic was affordable housing. There is still no evidence of a market malfunction if you will. One of the issues here is the general perception that markets function in the manner shown in an introductory economics class. Specifically, when we shift supply and demand curves in class or on paper it appears to be an instantaneous adjustment. Essentially we are cutting to the chase.

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