3. In practice, new housing development following a demand shock takes time. In the short-run, acquisition of land and permits, negotiating construction contracts and organizing labor can require months, in addition to the time it takes to build. Thus, in the short-run no new housing is built. Which of the following depictions represent this short-run scenario? A. B. Supply of Supply of Housing Demand for Demand for Housing (H Housing (H) C. Supply of D. Housing Price Housing Housing Price Supply of Housing Demand for Demand for Housing (H) Housing (H) H 4. Following from #3. Assume the short-run period has passed. Which of the supply elasticities below represent markets in which the housing quantity response is greater than (but not equal to) the housing price response in percentage terms? Choose all that apply. a. 0.099 b. 0.98 C. 1.00 d. 2.98 e. 5.99