In a Housing Market with a Rent Ceiling Below the Equilibrium

question 78

Multiple Choice

In a housing market with a rent ceiling below the equilibrium rent,apartment seekers spend more time searching for an apartment than they would in a housing market without a rent ceiling.Why does this difference exist?

• A) In the market with the rent ceiling, renters are searching for the best buy in apartments.
• B) In the market with the rent ceiling, there is a wide variety in the quality of apartments for rent.
• C) In the market with the rent ceiling, the quantity of housing demanded is greater than quantity supplied at the ceiling price.
• D) The premise of the question is incorrect because people spend less time searching with a rent ceiling since they no longer need to look for a low-priced apartment.
• E) The premise of the question is incorrect because there is no difference in the search time between a market with a rent ceiling and one without a ceiling.

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Definitions:

Payoff Asymmetry Hypothesis

A theory suggesting that differences in the benefits or costs associated with a particular behavior can influence the evolution of sex-specific strategies.

Territory

An area that an animal or group of animals consistently defends against conspecifics or sometimes predators, often for resources or mating rights.

Economic Defensibility

The concept in socioecology that a resource can be defended against competitors at a cost that is less than or equal to its value.

Arbitrary Contest Resolution

A method of determining the outcome of a conflict among animals or individuals using signals or behaviors that do not directly relate to the physical strength or dominance of the participants.