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The excess demand resulting from a binding rent control will be larger in the:
The excess demand resulting from a binding rent control will be larger in the:
a.short run than in the long run, because tenants will compete more aggressively for the cheaper rental housing in the short run.
b.long run than in the short run, because landlords will be less able to afford to maintain their properties in the short run.
c.short run than in the long run, because landlords will seek to convert their rental houses to offices in the long run.
d.long run than in the short run, because tenants and potential tenants will have more time to adjust to the change in rents in the long run.
