If the Government Were to Intervene and Set the Rent

question 27

Multiple Choice

If the government were to intervene and set the rent for apartments in New York City below the market rent,then we would expect,relative to the market outcome,

• A)an increase in the number of people wanting to live in apartments in New York City.
• B)a decrease in the number of people wanting to live in apartments in New York City.
• C)an increase in the number of apartments available for rent in New York City.
• D)None of the above is correct.

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Definitions:

Technological Solution

An answer or fix to a problem that is achieved through technological tools, systems, or innovations.

Inseparable

In a service context, referring to the simultaneous production and consumption of services, indicating that services cannot be separated from their providers.

Perishable

Items, especially foodstuffs, that spoil or decay in a relatively short period and require special handling, storage, and quick consumption.

Gross Domestic Product

The total monetary or market value of all the finished goods and services produced within a country's borders in a specific time period.