Landuse zoning that limits the amount of land for apartments

Land-use zoning that limits the amount of land for apartments generates a relatively steep flat long-run supply curve for housing, so an increase in the demand for apartments leads to a relatively small large increase in price.

Solution

The correct answers are: steep, large

Reason: Due to the imposition of restriction, the long-run supply curve gets very steep and due to this, an increase in demand yields a very large increase in price.

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