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-The Figure Above Illustrates the Current Market for Apartments in Washington

Question 380

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  -The figure above illustrates the current market for apartments in Washington, D.C. a) If the local government imposes a price ceiling of $1,500 per month, is there a shortage? If so, how much, if not, why not? b) If the local government imposes a price ceiling of $900 per month, is there a shortage? If so, how much, if not, why not?
-The figure above illustrates the current market for apartments in Washington, D.C.
a) If the local government imposes a price ceiling of $1,500 per month, is there a shortage? If so, how much, if not, why not?
b) If the local government imposes a price ceiling of $900 per month, is there a shortage? If so, how much, if not, why not?

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a) There is not a shortage. The equilibr...

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