New Housing Takes Some Time to Build, So Rent Control

question 227

Multiple Choice

New housing takes some time to build, so rent control creates larger shortages in the:

• A) long run than in the short run because short-run supply is more elastic.
• B) long run than in the short run because long-run supply is more elastic.
• C) short run than in the long run because short-run supply is more elastic.
• D) short run than in the long run because long-run supply is more elastic.

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Definitions:

Radical Reformation

A 16th-century movement within Christianity that sought profound changes to the doctrines, practices, and structures of the church, beyond what mainstream Reformers proposed.

Lutheran

Pertains to the Christian denomination founded on the teachings and reforms of Martin Luther, emphasizing justification by faith alone.

1555 Peace of Augsburg

An important treaty in the Holy Roman Empire that allowed princes to choose Lutheranism or Catholicism as the religion of their territories.

Lutheranism

A major branch of Protestant Christianity which identifies with the theology of Martin Luther, a German monk and theologian who sought to reform the practices of the Roman Catholic Church in the 16th century.