Which of the following must occur as a result of ceilings on apartment rents that are set below market clearing rental rates?
A) Property owners respond to the ceilings by increasing maintenance and repairs.
B) Property owners respond to the ceilings by constructing new apartment buildings.
C) There is a decrease in the quantity of apartments that prospective tenants wish to rent.
D) There is a decrease in the quantity of apartments that property owners offer for rent.
Question 2
To function as money, something must hold its purchasing power over time. That is, it must be a
A) store of value.
B) standard of deferred payment.
C) unit of accounting.
D) medium of exchange.
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