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-The Above Figure Shows the Demand and Supply Curves for Housing

Question 289

Multiple Choice

-The above figure shows the demand and supply curves for housing. What would be the effects of a rent ceiling equal to $500 per month? A) a surplus equal to 3,000 apartments B) a shortage equal to 3,000 apartments C) a shortage equal to 250 apartments D) nothing because the rent ceiling has no effect on the equilibrium price and quantity
-The above figure shows the demand and supply curves for housing. What would be the effects of a rent ceiling equal to $500 per month?


A) a surplus equal to 3,000 apartments
B) a shortage equal to 3,000 apartments
C) a shortage equal to 250 apartments
D) nothing because the rent ceiling has no effect on the equilibrium price and quantity

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