Multiple Choice
New York City has been experiencing a housing emergency for quite some time. Apartments are difficult to come by. In fact, the vacancy rate has been below 5 percent since World War II. The most likely cause of the housing emergency is:
A) a price floor on rent higher than equilibrium price.
B) a price ceiling on rent lower than equilibrium price.
C) too high incomes in New York City.
D) a lack of a rationing mechanism to distribute existing apartments.
Correct Answer:
Verified
Correct Answer:
Verified
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