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 $500 per month on apartments in this city. In the long run we can expect the shortage of apartments units. to be 000 00 A. 1100 B. 600 C. 300 D. 0 E. 100 Price (dollars per month) 1,400 1,300 1,200- 1,100- 1,000- 900- 800- 700+ 600- 500- 400- 300- 0 S₂ Price B Price A Demand 200 400 600 800 1.000 1.200 1400 Quantity of apartments 3

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 $500 per month on apartments in this city. In the long run we can expect the shortage of apartments units. to be 000 00 A. 1100 B. 600 C. 300 D. 0 E. 100 Price (dollars per month) 1,400 1,300 1,200- 1,100- 1,000- 900- 800- 700+ 600- 500- 400- 300- 0 S₂ Price B Price A Demand 200 400 600 800 1.000 1.200 1400 Quantity of apartments 3

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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