Examlex
Suppose that, at a rental rate of $1000 per month, 650 residents wish to rent apartments and that landlords offer 800 apartments available for rent. Which one of the following statements is then true?
Price Ceiling
A legally imposed maximum price on a good or service, intended to keep prices low for buyers.
Shortage/Surplus
A market condition where the quantity demanded is greater than the quantity supplied (shortage) or the quantity supplied is greater than the quantity demanded (surplus).
Price Floor
A government or group-imposed limit that prevents prices of goods or services from falling below a certain level.
Shortage/Surplus
A condition in a market where the quantity demanded is greater or less than the quantity supplied at the current price.
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