Rent Controls Create Large Shortages in the Long Run Rather

question 106

True/False

Rent controls create large shortages in the long run rather than the short run because the long-run supply curve for apartments is inelastic.

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Definitions:

Procedural Unconscionability

Unconscionability that derives from the process of making a contract.

Excessive Legalese

The use of overly complex and technical legal language that can be confusing and hard to understand for non-experts.

Blue Laws

Laws that restrict or ban certain activities on Sundays, historically to encourage observance of the Sabbath.

Sunday Prohibition

Laws or regulations that prohibit certain activities or operations on Sundays, historically rooted in religious observance but can also include secular motivations.