In the housing market, supply and demand are
a. more elastic in the short run than in the long run, and so rent control leads to a larger shortage of apartments in the short run than in the long run.
b. more elastic in the short run than in the long run, and so rent control leads to a larger shortage of apartments in the long run than in the short run.
c. more elastic in the long run than in the short run, and so rent control leads to a larger shortage of apartments in the short run than in the long run.
d. more elastic in the long run than in the short run, and so rent control leads to a larger shortage of apartments in the long run than in the short run.
d
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The figure above provides information about Light-U-Up Utilities, which is a natural monopoly that provides electricity. If Light-U-Up is unregulated, it will produce ________ and sell at a price of ________
A) 200 kwh; 10¢ per kwh B) 200 kwh; 30¢ per kwh C) 300 kwh; 20¢ per kwh D) 400 kwh; 10¢ per kwh
When a commercial bank borrows from the Federal Reserve,
A) Treasury liabilities rise. B) Treasury assets rise. C) Federal Reserve assets rise. D) bank reserves fall.