Use the following to answer questions:
Figure: Supply and Demand 5 
-(Figure: Supply and Demand 5) Refer to the figure. In the figure, representing a market for apartments, with a rent-controlled price of $800, the long-run supply curve will be ______ elastic than the short-run supply curve, causing the _____.
Definitions:
Binding Arbitration Clause
A contract provision mandating that all disputes arising under the contract must be settled by arbitration.
Statute of Limitations
Laws that set the maximum time within which legal proceedings can be initiated after an event occurred which gives rise to the prosecution.
Bilateral Contracts
Agreements involving two parties where each commits to performing a specific act in exchange for the other's performance.
Promised Action
An agreed-upon deed or activity that a party has committed to perform in the scope of a contract or agreement.
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