(Figure: Rent Controls in the Market for Apartments in New York City) Use Figure: Rent Controls in the Market for Apartments in New York City. If a rent ceiling is set at $800:
A)the shortage of rental units will be the distance 1.9 million − 2.1 million, or 0.2 million units.
B)some renters will be willing to pay as much as $1,200 for available rental units.
C)no one will have to pay a higher actual price than $800, nor will anyone be willing to do so.
D)there will be a surplus of rental units.

Question

(Figure: Rent Controls in the Market for Apartments in New York City) Use Figure: Rent Controls in the Market for Apartments in New York City. If a rent ceiling is set at $800: 
A)the shortage of rental units will be the distance 1.9 million − 2.1 million, or 0.2 million units. 
B)some renters will be willing to pay as much as $1,200 for available rental units. 
C)no one will have to pay a higher actual price than $800, nor will anyone be willing to do so. 
D)there will be a surplus of rental units.

Quizplus · Accepted Answer

The Answer of (Figure: Rent Controls in the Market for Apartments in New York City) Use Figure: Rent Controls in the Market for Apartments in New York City. If a rent ceiling is set at $800: 
A)the shortage of rental units will be the distance 1.9 million − 2.1 million, or 0.2 million units. 
B)some renters will be willing to pay as much as $1,200 for available rental units. 
C)no one will have to pay a higher actual price than $800, nor will anyone be willing to do so. 
D)there will be a surplus of rental units.