Use the following to answer question:
-(Table: Market for Apartments)Use Table: Market for Apartments.If a government price ceiling of $600 is imposed on this market,the result will be an inefficiency in the form of a _____ million apartments.
A)surplus of 0.6
B)surplus of 0.8
C)shortage of 0.8
D)shortage of 0.6

Question

Use the following to answer question: 
-(Table: Market for Apartments)Use Table: Market for Apartments.If a government price ceiling of $600 is imposed on this market,the result will be an inefficiency in the form of a _____ million apartments.
A)surplus of 0.6 
B)surplus of 0.8 
C)shortage of 0.8 
D)shortage of 0.6

Quizplus · Accepted Answer

A government-imposed price ceiling of $600 would result in a shortage because the quantity demanded would exceed the quantity supplied at that price level, leading to a shortage of 0.8 million apartments.

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