(Figure: Monopoly and Perfect Competition I) Fill in the Table

question 48

Essay

(Figure: Monopoly and Perfect Competition I) Fill in the table using the graph.

---

Definitions:

Law of Supply

A fundamental principle of economics that states that, all else equal, an increase in price results in an increase in the quantity supplied, and vice versa.

Law of Demand

States that, all else being equal, as the price of a product decreases, the quantity demanded of the product will increase, and vice versa.

Rent Controls

Government-imposed limits on the amount landlords can charge for renting out a property, intended to make housing more affordable.

Rental Housing

Living accommodations for which occupants pay rent to use or occupy land, buildings, or other residential spaces.