Assuming That the Long-Run Supply of Housing Is More ________

question 106

Multiple Choice

Assuming that the long-run supply of housing is more ________ than the short-run supply,the imposition of binding rent controls will generally ________.

• A)inelastic; lead to a reduction in the housing shortage over time
• B)elastic; lead to a worsening of the housing shortage over time
• C)inelastic; lead to no significant change in the housing shortage
• D)elastic; lead to only a temporary housing shortage
• E)elastic; lead the price of rental housing to revert back to its equilibrium level

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Definitions:

Smaller

A comparative term indicating lesser in size, amount, or degree relative to something else.

Equal

A term indicating that two values, variables, or expressions are of the same value or are equivalent in terms of a particular property.

Statistical Inference

The method of applying data analysis techniques to infer characteristics of a base probability distribution.

Descriptive Statistics

Descriptive statistics refer to brief descriptive coefficients that summarize a given data set, which can be either a representation of the entire or a sample of a population.