15.Over time, housing shortages caused by rent controlAREA MAJIDA increase, because the demand and suPAREA MAJIDpply curves for housing are more inelastic in the long run.MAJIDB decrease, because the demand and sMAJIDupply curves for housing are more inelastic in the long run.C change very little since price is not allowed to adjust.ADD increase, because the demand and supply curves for housing are more elastic in the long run.

When rent is set below the equilibrium price then it will create a shortage within an economy, In…

15.Over time, housing shortages caused by r ent control AREA MAJID A increase, because the demand and su AREA MAJID pply curves for housing are more inela stic in the long run. MAJID MAJID B decrease, because the demand and s upply curves for housing are more inel astic in the long run. C change very little since price is not all owed to adjust. AD D increase, because the demand and su pply curves for housing are more elas tic in the long run.

15.Over time, housing shortages caused by r ent control AREA MAJID A increase, because the demand and su AREA MAJID pply curves for housing are more inela stic in the long run. MAJID MAJID B decrease, because the demand and s upply curves for housing are more inel astic in the long run. C change very little since price is not all owed to adjust. AD D increase, because the demand and su pply curves for housing are more elas tic in the long run.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Question

15.Over time, housing shortages caused by r
ent control
AREA MAJID
A increase, because the demand and su
PAREA MAJID
pply curves for housing are more inela
stic in the long run.
MAJID
B decrease, because the demand and s
MAJID
upply curves for housing are more inel
astic in the long run.
C change very little since price is not all
owed to adjust.
AD
D increase, because the demand and su
pply curves for housing are more elas
tic in the long run.

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