Exhibit 4.9

-As shown in the Exhibit given below, when the government sets rent at $750 per month, the result is a(n) _____

Question

Exhibit 4.9
 
-As shown in the Exhibit given below, when the government sets rent at $750 per month, the result is a(n) _____

Quizplus · Accepted Answer

At a rent of $750 per month, there is a shortage of rented apartments. This is because at this price, the quantity demanded (Qd) exceeds the quantity supplied (Qs). As a result, there will be some renters who are unable to find apartments at this price, and some landlords who are unable to rent out their apartments. This is shown by the point where the demand curve intersects the supply curve to the left of the equilibrium point, indicating a shortage of apartments.

Exhibit 4.9 -As Shown in the Exhibit Given Below, When the Government