A rent ceiling results in a shortage. As a result, which of the following do you expect?

Question

Quizplus · Accepted Answer

A rent ceiling set below the equilibrium price typically leads to a shortage of available apartments because the quantity demanded exceeds the quantity supplied at that price. This often results in the emergence of a black market where apartments can be rented at higher prices, often disguised through additional fees or charges, as landlords and tenants seek to circumvent the rent ceiling.

A Rent Ceiling Results in a Shortage