Refer to the Above Graph, Which Shows the Supply and Demand

Multiple Choice

Refer to the above graph, which shows the supply and demand for rental housing in a city.Given the demand D₁ and the supply S₁ for rental housing, if the government established rent controls in the city at below the equilibrium, then the price of housing would most likely be at:

A) P₁ and there would be a shortage of rental housing.
B) P₂ and there would be a shortage of rental housing.
C) P₃ and there would be a surplus of rental housing.
D) P₄ and there would be a surplus of rental housing.