If the Supply of Rental Housing Increases Causing Its Price

question 56

Multiple Choice

If the supply of rental housing increases causing its price to fall and apartment dwellers move into bigger apartments that cost the same as their old ones, we can infer that the:

• A) demand for apartments is elastic.
• B) supply of apartments is elastic.
• C) demand for apartments is unit elastic.
• D) demand for apartments is inelastic.

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Definitions:

Direct Materials

Materials that can be directly associated with the production of specific goods, integral to their manufacturing.

Controller's Staff

Pertains to the team of accounting professionals supervised by the controller, responsible for managing a company’s financial and accounting functions.

Management Accountants

Professionals who prepare financial information for internal use by the management, aiding in decision-making processes.

Shareholder Relations

The management of interactions and communications between a corporation and its shareholders.