me figure to the right shows the market for one-bedroom partments in Calgary. If this market is itially unregulated, 38 thousand units will rent for a ice of $ 645 per month. uppose however, the city imposes the controlled price hown in the figure. In this case, in the short run, the market experiences an excess demand of 7 thousand units. in the long run, if the controlled price remains in place, the market will show a surplus of 20 thousand units. shortage surplus scarcity GITH Rental Price ($ per month) 945 645 520- Rental Housing Market Sshort run Siong Controlled F 18 38 45 Quantity of Rental Units (Thousands)

me figure to the right shows the market for one-bedroom partments in Calgary. If this market is itially unregulated, 38 thousand units will rent for a ice of $ 645 per month. uppose however, the city imposes the controlled price hown in the figure. In this case, in the short run, the market experiences an excess demand of 7 thousand units. in the long run, if the controlled price remains in place, the market will show a surplus of 20 thousand units. shortage surplus scarcity GITH Rental Price ($ per month) 945 645 520- Rental Housing Market Sshort run Siong Controlled F 18 38 45 Quantity of Rental Units (Thousands)

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Question

the answers shown for the part c are incorrect

The figure to the right shows the market for one-bedroom
apartments in Calgary. If this market is
initially unregulated, 38 thousand units will rent for a
price of $ 645 per month.
Suppose however, the city imposes the controlled price
shown in the figure. In this case, in the short run, the
market experiences an excess demand of 7 thousand
units.
In the long run, if the controlled price remains in place, the
market will show a surplus of 20 thousand units.
shortage
surplus
scarcity
Rental Price ($ per month)
945
645
520
Rental Housing Market
Sshort run
Slong run
Controlled Price
18
38 45
Quantity of Rental Units (Thousands)
D

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