ew York has historically imposed several kinds of price control. For instance, rent control began as a wartime emergency measure to protect renters amid a housing shortage but has long endured. Draw and label a demand curve and a supply curve in the market for rental units in New York City. Use the graph to explain why a price ceiling would result in a shortage of rental units.  Refer to the graph you drew to answer the previous question. Describe the area in the graph that represents the deadweight loss caused by the ceiling on the price of rental units.

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Equilibrium Price and Quantity

Equilibrium refers to a state of balance that comes about because there is equality in all forces.