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.

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Definitions:

Mental Instability

A condition characterized by significant variations in an individual's mood, thinking, or behavior, affecting their daily functioning.

Swiss Family Life

The social and domestic aspects distinctive to families living in Switzerland, possibly emphasizing certain cultural values such as independence, privacy, and community.

Entropy

A measure of disorder or randomness in a closed system, often used in physics and information theory.

Equivalence

The state of being equal in value, function, or meaning.