New York City Has Been Experiencing a Housing Emergency for Quite

question 5

Multiple Choice

New York City has been experiencing a housing emergency for quite some time. Apartments are difficult to come by. In fact, the vacancy rate has been below 5 percent since World War II. The most likely cause of the housing emergency is:

• A) a price floor on rent higher than equilibrium price.
• B) a price ceiling on rent lower than equilibrium price.
• C) too high incomes in New York City.
• D) a lack of a rationing mechanism to distribute existing apartments.

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Definitions:

Reflex

An automatic, involuntary response to a stimulus that involves a simple neural pathway, aiding in protective responses and basic bodily functions.

Hemispheres

Pertains to either of the two halves of the brain or Earth, usually referred to as the Northern, Southern, Eastern, or Western hemispheres.

Neuron Cell Bodies

The part of a neuron that contains the nucleus and is essential for its function and survival.

Sensory Neurons

Neurons that are responsible for converting external stimuli from the environment into internal electrical impulses.