Suppose the government imposes rent control (a price ceiling) ...

[ashley]

Suppose the government imposes rent control (a price ceiling) below the equilibrium price for rental housing. Which of the following could result?
 a. Tenants risk breaking rent control law.
  b. The quality of existing rental housing deteriorates.
  c. Shortages.
  d. All of these.

Question 2

Suppose a price ceiling is set by the government below the market equilibrium price. Which of the following will result?
 a. The demand curve will shift to the left.
  b. The quantity demanded will exceed the quantity supplied.
  c. The quantity supplied will exceed the quantity demanded.
  d. There will be a surplus.

[olderstudent]

Answer to Question 1

d

Answer to Question 2

b

[ashley]

Thanks for the timely response, appreciate it

[lindahyatt42]

Excellent