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Figure 4-5 Figure 4-5 Shows the Market for Apartments

Question 126

Multiple Choice

Figure 4-5 Figure 4-5 Figure 4-5 shows the market for apartments in Bay City.Recently,the government imposed a rent ceiling at R0. -Refer to Figure 4-5.With rent control,the quantity supplied is Q1.Suppose apartment owners ignore the law and rent this quantity for the highest rent they can get.What is the highest rent they can get? A) R* B) R1 C) R0 D) more than R1 Figure 4-5 shows the market for apartments in Bay City.Recently,the government imposed a rent ceiling at R0.
-Refer to Figure 4-5.With rent control,the quantity supplied is Q1.Suppose apartment owners ignore the law and rent this quantity for the highest rent they can get.What is the highest rent they can get?


A) R*
B) R1
C) R0
D) more than R1

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