The Shortage of Housing That Exists in the Presence of Binding

question 57

Multiple Choice

The shortage of housing that exists in the presence of binding rent controls is smaller

• A) the longer is the length of time the rent controls are in place.
• B) the higher is the elasticity of demand for housing.
• C) the more elastic is the long- run supply of housing.
• D) the lower is the elasticity of supply of housing.
• E) the greater is the difference between the equilibrium price and the rent- controlled price.

---

Definitions:

Feedback

A process in which information about past behavior is provided to an individual, team, or organization for the purpose of influencing future behavior or outcomes.

Implementing New Technology

The process of integrating and adopting novel technological solutions within an organization, system, or society to improve efficiency or capabilities.

Gather And Process

The act of collecting information or data and analyzing or organizing it for decision-making or further action.

Local Situation

Describes the specific conditions or circumstances prevailing in a particular area at a given time.