Like many other cities, denver experienced a sharp decline in construction of new houses in the years following 2006. many carpenters, roofers, and other skilled workers left the area or found jobs in other industries. in addition, builders stopped buying and preparing home lots for construction. according to an article in the wall street journal, by 2014, as consumers increased their demand for new homes in denver, "new-home prices have surged over the past two years amid a shortage of home lots and skilled construction workers." source: kris hudson, "labor shortage besets home builders," wall street journal, may 1, 2014. in the future, the price increases of new houses in denver can be expected to be
a. smaller because supply is less elastic over time.
b. larger because supply is more elastic over time.
c. smaller because supply is more elastic over time.
d. larger because supply is less elastic over time.