(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 $1,100:
A)the shortage of rental units will be the distance 2.1 million − 1.9 million or 0.2 million units.
B)some renters will be willing to pay a price as high 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)rent will remain at $1,000.

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 $1,100: 
A)the shortage of rental units will be the distance 2.1 million − 1.9 million or 0.2 million units. 
B)some renters will be willing to pay a price as high 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)rent will remain at $1,000.

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 $1,100: 
A)the shortage of rental units will be the distance 2.1 million − 1.9 million or 0.2 million units. 
B)some renters will be willing to pay a price as high 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)rent will remain at $1,000.