Suppose that the average equilibrium monthly rental price of apartments and rooms in a college town had been steady at 600, but then the college expanded enrollment from 10,000 to 12,000 . Suddenly there is a shortage of rental housing at the prevailing price of 600 . Which of the following is most likely to be true?
a. The shortage occurred because demand increased, and a new market equilibrium will result in higher rental prices and more rental units available on the market.
b. The shortage occurred because supply increased, and a new market equilibrium will result in lower rental prices and fewer rental units available on the market.
c. The shortage occurred because demand decreased, and a new market equilibrium will result in lower rental prices and fewer rental units available on the market.
d. The shortage occurred because demand increased, and a new market equilibrium will result in higher rental prices and fewer rental units available on the market.
Question 2
At the equilibrium price, deadweight loss is minimized.
a. True
b. False
Indicate whether the statement is true or false
Othmer’s Equilibrium Still Schematic Diagram
Real Price of Oil, 1861–2010
Price of Computers, 1982–2010
Kinesthesis and Equilibrium
College Physics
Write the acidic equilibrium equation for HC₆H₅O.