Maria owns several apartments that she rents for $800 per month. The local government decides that $800 is too high and passes an ordinance stating that property owners cannot charge more than $600 per month. What will most likely happen to the quantity supplied of apartments in the area in the long run?
A) Quantity supplied will increase.
B) Quantity supplied will decrease.
C) Quantity supplied will not be affected.
D) Quantity supplied will equal quantity demanded.
Correct Answer:
Verified
Q48: When a government intervenes in a market,
Q49: _ generally occurs when a market fails
Q50: _ occurs when government intervention keeps the
Q51: A law that sets a maximum price
Q52: Maria owns several apartments that she rents
Q54: Which of the following is a reason
Q55: (Figure: Price Ceiling 0) In the above
Q56: (Figure: Price Ceiling 0) In the above
Q57: (Figure: Price Ceiling 0) In the above
Q58: (Figure: Price Ceiling 0) In the above
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