The homebuilding industry is not affected by such macro-influences as

A. changes in mortgage interest rates, rules, and regulations that make it easier/harder for homebuyers to obtain mortgages.
B. trends in household incomes and buying power.
C. the distinctive competences of incumbent firms.
D. shifting preferences of families for renting versus owning a home, and/or homes of various sizes, styles, and price ranges.
E. disasters and other unanticipated events in the natural environment.


Answer: C

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