Rent Controls Usually Set a Price Ceiling Below the Equilibrium

question 60

Multiple Choice

Rent controls usually set a price ceiling below the equilibrium price,and therefore:

• A)quantity supplied exceeds the quantity demanded.
• B)quantity demanded exceeds the quantity supplied.
• C)a surplus of rental units will result.
• D)all low-income recipients will clearly be helped.

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Definitions:

Satisfactory Performance

The degree to which a task, responsibility, or duty is completed adequately or meets the expected standards.

Express Condition

A clearly stated, specific condition in a contract that must be met for the performance or continuation of that contract to be required.

Implied Condition

A condition in a contract that is not explicitly stated but is necessary for the performance of the contract.

Written Contract

A legally binding agreement between two or more parties that is put in writing and signed by the parties involved.