Why Is the Long-Run Supply Curve of Rent-Controlled Apartments Typically

question 314

Multiple Choice

Why is the long-run supply curve of rent-controlled apartments typically more elastic than the short-run supply curve?

• A) In the long run, fewer new apartments are built, and older apartments are torn down or turned into condominiums.
• B) In the long run, many more new apartments are built and this increases the supply of rent-controlled apartments.
• C) In the long run, rent controls are always removed.
• D) In the long run, the shortage of rent-controlled apartments becomes significantly less.

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Low Price Competitors

Companies that compete primarily on price, often by offering similar products or services as higher-priced competitors, but at lower costs.

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The increased value brought to a brand by consumer perceptions of high quality or positive experiences associated with the brand.

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The development and introduction of additional items in the same product category under the existing brand name.

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The phenomenon where consumers use a product or service more frequently, often influenced by changes in behavior, marketing strategies, or external factors.