-The Above Figure Shows the Demand and Supply Curves for Housing

question 115

Multiple Choice

-The above figure shows the demand and supply curves for housing in City B. What would be the effects of a rent ceiling equal to $1,000 per month?

• A) A shortage equal to 3,000 apartments
• B) A surplus equal to 3,000 apartments
• C) A surplus equal to 250 apartments
• D) Nothing because the rent ceiling has no effect on the equilibrium price and quantity.

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