The diagram shows the market for apartments in a city. Assume that all apartments are identical. Suppose the government imposes a rent-controlled price of $600 per month on apartments in this city. In the long run we can expect the shortage of apartments to be units. OA. 1100 OB. 800 OC. 300 O D. 500 O E. 0 Price (dollars per month) 1,400 1,300- 1,200- 1,100- 1,000- 900- 800+ 700+ 600- 500- 400- 300+ 0 200 S₁ Price B2 Price A Demand 400 600 800 1,000 1,200 1,400 Quantity of apartments Q G

The diagram shows the market for apartments in a city. Assume that all apartments are identical. Suppose the government imposes a rent-controlled price of $600 per month on apartments in this city. In the long run we can expect the shortage of apartments to be units. OA. 1100 OB. 800 OC. 300 O D. 500 O E. 0 Price (dollars per month) 1,400 1,300- 1,200- 1,100- 1,000- 900- 800+ 700+ 600- 500- 400- 300+ 0 200 S₁ Price B2 Price A Demand 400 600 800 1,000 1,200 1,400 Quantity of apartments Q G

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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