A Rent Ceiling Results in a Shortage

question 100

Multiple Choice

A rent ceiling results in a shortage. As a result, which of the following do you expect?

• A) A shortage of applicants for the apartments available.
• B) Discrimination as tenants choose their landlords, possibly based on race, age, or gender.
• C) A black market for apartments whereby higher rents are obtained through various other charges.
• D) In the long-run, more and more people will want to become landlords.

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Definitions:

Income Statement

A financial statement that reports a company's revenues, expenses, and profits over a specific period, showing the financial performance of the business.

Statement Of Owner's Equity

A financial document showing changes in the equity of a company over a certain period due to various business activities, such as earnings and withdrawals.

Balance Sheet

A financial statement that provides a snapshot of a company's financial condition at a specific point in time, showing assets, liabilities, and equity.

Accrued Fees

Fees earned but not yet received in cash or recorded by the recipient, representing amounts for services provided.