As shown in the figure given below,when a government sets a rent ceiling at $750 per month,the result is a(n) : Figure 4.9

Question

As shown in the figure given below,when a government sets a rent ceiling at $750 per month,the result is a(n): Figure 4.9
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Quizplus · Accepted Answer

When a rent ceiling is set below the equilibrium price (in this case, $750 per month), it creates a shortage of rental apartments, as the quantity demanded exceeds the quantity supplied. This can lead to a variety of negative consequences, such as longer wait times, reduced quality of apartments, black markets, and discrimination against certain renters. Therefore, option C is the best choice for this scenario.

As Shown in the Figure Given Below,when a Government Sets