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The Diagram Below Shows the Market for Apartments in a City

Question 78

Multiple Choice

The diagram below shows the market for apartments in a city. Assume that all apartments are identical. The diagram below shows the market for apartments in a city. Assume that all apartments are identical. FIGURE 5- 4 -Refer to Figure 5- 4. Suppose the government sets a rent ceiling at Price B, $900. In this situation, if all apartments are rented on the black market, then the rent for an apartment is A) any rent above $900. B) any rent below $600. C) $900. D) $600. E) the same as the free- market equilibrium rental price. FIGURE 5- 4
-Refer to Figure 5- 4. Suppose the government sets a rent ceiling at Price B, $900. In this situation, if all apartments are rented on the black market, then the rent for an apartment is


A) any rent above $900.
B) any rent below $600.
C) $900.
D) $600.
E) the same as the free- market equilibrium rental price.

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