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.
Correct Answer:
Verified
Q258: Table 6-1
The following table contains the
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