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Rent (per apartment per month) $1.400 Quantity Demanded (millions of apartments) Quantity Supplied (millions of apartments) 1.6 2.4 1,300 1,200 1.7 2.3 2.2 1.8 1,100 1.9 2.1 1,000 2.0 2.0 900 800 2.1 1.9 2.2 1.8 700 2.3 1.7 600 2.4 1.6 (Table: Market for Apartments) Look at the table Market for Apartments. If a price ceiling of $700 is imposed on this market, the result will be an inefficiency in the form of a million apartments. O shortage of O.6 O surplus of 0.6 O None of these options is correct. O shortage of 0.2 O surplus of 0.2

Rent (per apartment per month) $1.400 Quantity Demanded (millions of apartments) Quantity Supplied (millions of apartments) 1.6 2.4 1,300 1,200 1.7 2.3 2.2 1.8 1,100 1.9 2.1 1,000 2.0 2.0 900 800 2.1 1.9 2.2 1.8 700 2.3 1.7 600 2.4 1.6 (Table: Market for Apartments) Look at the table Market for Apartments. If a price ceiling of $700 is imposed on this market, the result will be an inefficiency in the form of a million apartments. O shortage of O.6 O surplus of 0.6 O None of these options is correct. O shortage of 0.2 O surplus of 0.2

ENGR.ECONOMIC ANALYSIS
ENGR.ECONOMIC ANALYSIS
14th Edition
ISBN:9780190931919
Author:NEWNAN
Publisher:NEWNAN
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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Table: Market for Apartments Rent (per apartment per month) Quantity Demanded (millions of apartments) Quantity Supplied (millions of apartments) $1.400 1.6 2.4 1,300 1.7 2.3 1,200 1,100 1.8 2.2 1.9 2.1 1,000 900 800 2.0 2.0 2.1 1.9 2.2 1.8 700 2.3 1.7 600 2.4 1.6 (Table: Market for Apartments) Look at the table Market for Apartments. If a price ceiling of $700 is imposed on this market, the result will be an inefficiency in the form of a million apartments. O shortage of 0.6 O surplus of 0.6 O None of these options is correct. O shortage of 0.2 O surplus of 0.2
Transcribed Image Text:Table: Market for Apartments Rent (per apartment per month) Quantity Demanded (millions of apartments) Quantity Supplied (millions of apartments) $1.400 1.6 2.4 1,300 1.7 2.3 1,200 1,100 1.8 2.2 1.9 2.1 1,000 900 800 2.0 2.0 2.1 1.9 2.2 1.8 700 2.3 1.7 600 2.4 1.6 (Table: Market for Apartments) Look at the table Market for Apartments. If a price ceiling of $700 is imposed on this market, the result will be an inefficiency in the form of a million apartments. O shortage of 0.6 O surplus of 0.6 O None of these options is correct. O shortage of 0.2 O surplus of 0.2
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