The Long- Run Elasticity of Supply of Rental Housing Is

Multiple Choice

The long- run elasticity of supply of rental housing is greater than the short- run elasticity of supply because

A) changes in supply occur only after investment decisions are made regarding, for example, new construction or conversion of rental housing to other uses.
B) changes in supply can occur very quickly, especially when rent controls are in place.
C) in the long run, landlords have no incentive to alter the supply of rental housing.
D) the demand for rental housing is changing continuously.
E) investment in new rental housing has such a short payback period.