Given information is as shown in the 4 statement below:

Paragraph 1: "In Hong Kong, information about housing market is asymmetrical among buyers and sellers, hence making the market an imperfect one. Despite so, a standard demand and supply model assumes a perfect market."

Paragraph 2: "In a short run, it is difficult for developers in Hong Kong to increase the supply of real estate. The current supply of housing depends on the existing stock of that in the market. Short run supply curve appears to be inelastic."

Paragraph 3: "In a long run, developers in Hong Kong can increase housing supply in many ways. Therefore, the long-term quantity of properties supplied increases with the price. The supply curve will therefore be upward-sloping."

Price or rent Short Run Long Run Supply Supply P Demand Quantity or space