(Figure: Short and Long Run Shortages) Use the Figure

question 58

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:

Germany

A country in Central Europe known for its rich history, technological innovations, and economic power.

Cameras

Devices used to capture images, either as photographs on film or as digital images through electronic sensors.

Absolute Advantage

The capability of a country, firm, or individual to produce a good or service at a lower cost per unit than competitors.

Germany

A country in Central Europe known for its rich history, diverse culture, and significant contributions to art, science, and economy.