Asked by
Christopher Angel
on Dec 17, 2024
Verified
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.
Rent Control
Government-imposed restrictions on the amounts that landlords can charge their tenants, intended to keep housing affordable.
Housing Market
The supply and demand for residential properties, influenced by factors such as interest rates, economic conditions, and government policies.
Elastic
A term used to describe a situation in which the demand or supply for a good or service changes significantly when its price changes.
- Gain an understanding of the principles and effects of rent control strategies.
Verified Answer
JD
Learning Objectives
- Gain an understanding of the principles and effects of rent control strategies.