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MONTHLY RENT (Dollars per apartment) 2800 2600 2400 2200 2000 Demand Rent Ceiling Supply 1800 0.8 1.6 2.4 3.2 QUANTITY OF APARTMENTS (Millions per month) 4.0 A CS w/ Rent Control PS w/ Rent Control Deadweight Loss by per month and producers' per month. The price ceiling on rent causes per month of deadweight loss. Tool In the presence of the rent control, consumers' surplus surplus by tip: Click on the shaded regions in the graph to see their areas. Which of the following are generally true of rent control? Check all that apply. 0000 Some landlords may require renters to buy the furniture in the apartment. The price ceiling represents the total opportunity costs of consumers from renting an apartment. Everyone who can afford the rent can find an apartment immediately. Misallocation of apartments occurs. The quality of rental apartments improves. Suppose the following graph shows the demand for, and supply of, apartments in New York City. Use the black point (plus symbol) to indicate the equilibrium monthly rent and quantity of apartments in the absence of price controls. Then use the green point (triangle symbol) to fill the area representing consumers' surplus, and use the purple point (diamond symbol) to fill the area representing producers' surplus. MONTHLY RENT (Dollars per apartment) 2800 Demand 2600 2400 2200 2000 1800 Supply 0.8 1.6 2.4 3.2 QUANTITY OF APARTMENTS (Millions per month) 4.0 + Equilibrium Δ 43 CS PS (? Suppose that the government decides to impose a rent control of $2,100 per month on rental apartments in New York City. On the following graph, use the green point (triangle symbol) to shade the area representing consumers' surplus in the presence of rent control. Use the purple point (diamond symbol) to shade the area representing producers' surplus after the rent control. Then use the grey point (star symbol) to shade the area representing deadweight loss resulting from the rent control.

MONTHLY RENT (Dollars per apartment) 2800 2600 2400 2200 2000 Demand Rent Ceiling Supply 1800 0.8 1.6 2.4 3.2 QUANTITY OF APARTMENTS (Millions per month) 4.0 A CS w/ Rent Control PS w/ Rent Control Deadweight Loss by per month and producers' per month. The price ceiling on rent causes per month of deadweight loss. Tool In the presence of the rent control, consumers' surplus surplus by tip: Click on the shaded regions in the graph to see their areas. Which of the following are generally true of rent control? Check all that apply. 0000 Some landlords may require renters to buy the furniture in the apartment. The price ceiling represents the total opportunity costs of consumers from renting an apartment. Everyone who can afford the rent can find an apartment immediately. Misallocation of apartments occurs. The quality of rental apartments improves. Suppose the following graph shows the demand for, and supply of, apartments in New York City. Use the black point (plus symbol) to indicate the equilibrium monthly rent and quantity of apartments in the absence of price controls. Then use the green point (triangle symbol) to fill the area representing consumers' surplus, and use the purple point (diamond symbol) to fill the area representing producers' surplus. MONTHLY RENT (Dollars per apartment) 2800 Demand 2600 2400 2200 2000 1800 Supply 0.8 1.6 2.4 3.2 QUANTITY OF APARTMENTS (Millions per month) 4.0 + Equilibrium Δ 43 CS PS (? Suppose that the government decides to impose a rent control of $2,100 per month on rental apartments in New York City. On the following graph, use the green point (triangle symbol) to shade the area representing consumers' surplus in the presence of rent control. Use the purple point (diamond symbol) to shade the area representing producers' surplus after the rent control. Then use the grey point (star symbol) to shade the area representing deadweight loss resulting from the rent control.

Economics (MindTap Course List)
Economics (MindTap Course List)
13th Edition
ISBN:9781337617383
Author:Roger A. Arnold
Publisher:Roger A. Arnold
Chapter3: Supply And Demand: Theory
Section: Chapter Questions
Problem 8WNG
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MONTHLY RENT (Dollars per apartment) 2800 2600 2400 2200 2000 Demand Rent Ceiling Supply 1800 0.8 1.6 2.4 3.2 QUANTITY OF APARTMENTS (Millions per month) 4.0 A CS w/ Rent Control PS w/ Rent Control Deadweight Loss by per month and producers' per month. The price ceiling on rent causes per month of deadweight loss. Tool In the presence of the rent control, consumers' surplus surplus by tip: Click on the shaded regions in the graph to see their areas. Which of the following are generally true of rent control? Check all that apply. 0000 Some landlords may require renters to buy the furniture in the apartment. The price ceiling represents the total opportunity costs of consumers from renting an apartment. Everyone who can afford the rent can find an apartment immediately. Misallocation of apartments occurs. The quality of rental apartments improves.
Transcribed Image Text:MONTHLY RENT (Dollars per apartment) 2800 2600 2400 2200 2000 Demand Rent Ceiling Supply 1800 0.8 1.6 2.4 3.2 QUANTITY OF APARTMENTS (Millions per month) 4.0 A CS w/ Rent Control PS w/ Rent Control Deadweight Loss by per month and producers' per month. The price ceiling on rent causes per month of deadweight loss. Tool In the presence of the rent control, consumers' surplus surplus by tip: Click on the shaded regions in the graph to see their areas. Which of the following are generally true of rent control? Check all that apply. 0000 Some landlords may require renters to buy the furniture in the apartment. The price ceiling represents the total opportunity costs of consumers from renting an apartment. Everyone who can afford the rent can find an apartment immediately. Misallocation of apartments occurs. The quality of rental apartments improves.
Suppose the following graph shows the demand for, and supply of, apartments in New York City. Use the black point (plus symbol) to indicate the equilibrium monthly rent and quantity of apartments in the absence of price controls. Then use the green point (triangle symbol) to fill the area representing consumers' surplus, and use the purple point (diamond symbol) to fill the area representing producers' surplus. MONTHLY RENT (Dollars per apartment) 2800 Demand 2600 2400 2200 2000 1800 Supply 0.8 1.6 2.4 3.2 QUANTITY OF APARTMENTS (Millions per month) 4.0 + Equilibrium Δ 43 CS PS (? Suppose that the government decides to impose a rent control of $2,100 per month on rental apartments in New York City. On the following graph, use the green point (triangle symbol) to shade the area representing consumers' surplus in the presence of rent control. Use the purple point (diamond symbol) to shade the area representing producers' surplus after the rent control. Then use the grey point (star symbol) to shade the area representing deadweight loss resulting from the rent control.
Transcribed Image Text:Suppose the following graph shows the demand for, and supply of, apartments in New York City. Use the black point (plus symbol) to indicate the equilibrium monthly rent and quantity of apartments in the absence of price controls. Then use the green point (triangle symbol) to fill the area representing consumers' surplus, and use the purple point (diamond symbol) to fill the area representing producers' surplus. MONTHLY RENT (Dollars per apartment) 2800 Demand 2600 2400 2200 2000 1800 Supply 0.8 1.6 2.4 3.2 QUANTITY OF APARTMENTS (Millions per month) 4.0 + Equilibrium Δ 43 CS PS (? Suppose that the government decides to impose a rent control of $2,100 per month on rental apartments in New York City. On the following graph, use the green point (triangle symbol) to shade the area representing consumers' surplus in the presence of rent control. Use the purple point (diamond symbol) to shade the area representing producers' surplus after the rent control. Then use the grey point (star symbol) to shade the area representing deadweight loss resulting from the rent control.
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