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.

Microeconomics A Contemporary Intro

10th Edition

ISBN:9781285635101

Author:MCEACHERN

Publisher:MCEACHERN

Chapter5: Elasticity Of Demand And Supply

Section5.A: Appendix: Price Elasticity And Tax Incidence

Problem 2AQ

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