The Argument That Demand for Apartments Is More Elastic in the Long

question 21

Multiple Choice

The argument that demand for apartments is more elastic in the long run is based on the idea that

• A)it is costly to move quickly to a different location.
• B)it takes time to build new apartments.
• C)people will change apartments more readily when there is only a short time to benefit from lower rent.
• D)landlords will fix up many new apartments when there are small changes in rent.

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Definitions:

Directed Thinking

Thinking aimed at a particular goal.

Analogical Representation

An idea that shares some of the actual characteristics of the object it represents.

Automaticity

The ability to do a task without paying attention to it.

Mental Rotation

The cognitive ability to mentally turn or rotate three-dimensional objects to interpret and predict their appearance at different angles.