Which of the following statements about the rent control po…
Which of the following statements about the rent control policy are true? (i) It is a price ceiling on rents intended to make housing more affordable for the poor. (ii) Reduced rent creates a relatively small shortage of housing in the short run, but a large shortage in the long run because supply and demand are more elastic in the long run. (iii) It is a price floor designed to stimulate construction of large apartment complexes.