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The Diagram Below Shows the Market for Apartments in a City

Question 35

Multiple Choice

The diagram below shows the market for apartments in a city. Assume that all apartments are identical. The diagram below shows the market for apartments in a city. Assume that all apartments are identical. FIGURE 5-4 -Refer to Figure 5-4. The difference between supply curve S₁ and supply curve S₂ in this market for apartments is that A) S₁ is not affected by a government controlled rental price. B) S₂ is not affected by a government controlled rental price. C) S₁ is a short-run supply curve and S₂ is a long-run supply curve. D) S₁ is a long-run supply curve and S₂ is a short-run supply curve. E) S₁ is more elastic than S₂. FIGURE 5-4
-Refer to Figure 5-4. The difference between supply curve S₁ and supply curve S₂ in this market for apartments is that


A) S₁ is not affected by a government controlled rental price.
B) S₂ is not affected by a government controlled rental price.
C) S₁ is a short-run supply curve and S₂ is a long-run supply curve.
D) S₁ is a long-run supply curve and S₂ is a short-run supply curve.
E) S₁ is more elastic than S₂.

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