Multiple Choice
-The figure above shows the demand for and supply of rental housing in Steppeville. A rent ceiling is set at $700. Rental housing is a normal good and people's incomes increase. As a result, the,
A) gap between the efficient quantity of housing to rent and the actual quantity rented will increase.
B) gap between the efficient quantity of housing to rent and the actual quantity rented will decrease.
C) shortage of housing will decrease.
D) quantity of housing supplied will increase.
Correct Answer:
Verified
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