Figure: Short and Long Run Shortages Use the Figure

question 219

Multiple Choice

Figure: Short and Long Run Shortages Use the figure. At a rent-controlled price of $800, the short-run shortage of apartments is ________ and the long-run shortage is ________.

• A) 12,000; 4,000
• B) 4,000; 12,000
• C) 8,000; 4,000
• D) 8,000; 12,000

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Definitions:

Cognitive-Type

Cognitive-Type refers to classifications or categories based on cognitive processes such as perception, thinking, and understanding.

Intuitive-Type

A person who relies more on intuition and subjective impressions than on rational analysis and objective evidence.

Reason

The power of the mind to think, understand, and form judgments by a process of logic.

Dogmatism

The tendency to lay down principles as incontrovertibly true, without consideration of evidence or the opinions of others.