Why is the long-run supply curve of rent-controlled apartments typically more elastic than the short-run supply curve?
A) In the long run, fewer new apartments are built, and older apartments are torn down or turned into condominiums.
B) In the long run, many more new apartments are built and this increases the supply of rent-controlled apartments.
C) In the long run, rent controls are always removed.
D) In the long run, the shortage of rent-controlled apartments becomes significantly less.
Correct Answer:
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