-The above table gives the demand schedule and the supply schedule for housing in Anytown, Australia. If a rent ceiling of $300 is imposed in the housing market, then

Question

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A rent ceiling set below the equilibrium price (which is not provided but implied to be above $300 given the context of a rent ceiling causing a shortage) results in a shortage of apartments. This is because the price is artificially kept lower than what the market would naturally set, leading to higher demand and lower supply than at equilibrium.

-The Above Table Gives the Demand Schedule and the Supply