Question

select the answers from the boxes that make each statement correct. in the long run, the shortages of available housing resulting from rent controls are pronounced than (as) they are in the short run. one explanation for this is that in the long run, firms can makes changes to the amount of housing they provide easily than (as) they can in the short run. because of differences in firms' ability to make changes to quantity supplied, the long-run supply curve for housing is modeled as a line that is steep than (as) the short-run supply curve. therefore, supply is elastic in the short run than (as) in the long run.

Answer 1

In the long run, the shortages of available housing resulting from rent controls are more pronounced than they are in the short run. One explanation for this is that in the long run, firms can make changes to the amount of housing they provide more easily than they can in the short run. Because of differences in firms' ability to make changes to quantity supplied, the long-run supply curve for housing is modeled as a line that is flatter than the short-run supply curve. Therefore, supply is more elastic in the long run than in the short run.