if-the-price-of-housing-increases-significantly-what-is-the-likely-impact-on-the

Question

If the price of housing increases significantly, what is the likely impact on the quantity demanded in the short run versus the long run?

Accepted Answer

In the short run, demand is inelastic, but in the long run, demand becomes more elastic.

Answer

Demand remains elastic in both the short run and the long run.

Answer

In the short run, demand is elastic, but in the long run, demand becomes more inelastic.

Answer

Demand remains inelastic in both the short run and the long run.