Use the Following to Answer Questions

question 117

Multiple Choice

Use the following to answer questions:
Figure: Rent Controls
-(Figure: Rent Controls) Look at the figure Rent Controls. If rent controls are set at Rent₁:

• A) the shortage of rental units is the distance Q₃ - Q₁.
• B) some renters will be willing to pay a price as high as Rent₄ for Q₁ units.
• C) no one will have to pay a higher actual price than Rent₀, nor will anyone be willing to do so.
• D) there will be a surplus of rental units, but it is impossible to tell how large the surplus is based on the information provided.

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