FIGURE 5-4
-Refer to Figure 5-4.What is the significance of the difference in the slopes of the short-run supply curve ( 
) and the long-run supply curve ( 
) for apartments?
A) Over time,the supply of apartments shrinks in response to the controlled prices - the elasticity of supply decreases.
B) Over time,the demand for apartments shrinks in response to the controlled prices - the elasticity of supply increases.
C) Over time,the demand for apartments increases in response to the controlled prices - the elasticity of supply increases.
D) Over time,the supply of apartments increases in response to the controlled prices - the elasticity of demand increases.
E) Over time,the supply of apartments shrinks in response to the controlled prices - the elasticity of supply increases.
Correct Answer:
Verified
