Rent controls are a typical example of a price ceiling. Please select all likely consequences of rent controls when the price ceiling is binding. There is more than one correct answer. surplus of affordable housing inefficient allocation of apartments shortage of affordable housing reductions in apartment quality
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- The table shows the demand and supply schedules for on-campus housing. If the college puts a rent ceiling on rooms of $350 a month, rent is $7 and the number of rooms rented is 4. The on-campus housing market is inefficient Rent (dollars per month) 250 275 300 325 350 375 Quantity demanded 2,500 2,250 2,000 1,750 1,500 1,250 (rooms) Quantity supplied 2,000 2,000 2,000 2,000 2,000 2,000 NextCan you propose a policy that would induce the market to supply more rental housing units?In the immediate aftermath of Hurricane Katrina, a surge in demand for drinking water caused the price of bottled water to rise above $5 per bottle. Supporters of price ceilings on bottled water after a natural disaster a that: argue bottled water is inelastically supplied. the market equilibrium is more fair to low-income families. without the ceiling, the market would produce a surplus of water. the price ceiling eliminates the shortage of water.
- If a legal ceiling price is set above the equilibrium price, • a shortage of the product will occur. a surplus of the product will occur. a black market will evolve. neither the equilibrium price nor the equilibrium quantity will be affected.In order to keep restaurant costs down, the franchise places a price ceiling on employee pay at $35/hr. The equilibrium price for employee pay before this price change was $50/hr. Graph the market with the price ceiling. Be sure to show the new equilibrium price, the deadweight loss, and any surplus or shortage if it exists.Monthly rent Quantitydemanded Quantitysupplied $600 800 140 $650 650 210 $700 500 280 $750 350 350 $800 200 420 What is the market price without rent control? $ How many one-bedroom apartments will be rented after the rent control law is passed?
- please plot a graph showing the effect of a government subsidy on the market for surgical masks.During the spread of COVID-19, the price of surgical masks skyrocketed. Somepeople in Hong Kong suggested the government to impose a price ceiling onsurgical masks. Explain, in economic sense, why this might not be a good idea inhandling the needs of Hong Kong people.The diagram below shows the market for rental apartments. Suppose the government imposes a rent control law that sets the maximum monthly rent at $400. a Identify the quantity of apartments demanded and the quantity of apartiments supplied at a controled rent.of $400 Instructions: Use the tool provided 'Op' to indicate the quantty demanded when there is a controted rental pnce of $400 Then use the tool provided Qs'to indicate the quantity supplied when there is a controled rental price of $400 $1600 Toole eBoo $1,400 Suoply $1.200 .000 S800 $600 $400 Demand S200 50 100 150 200 250 300 350 400 450 500 Quantity of housing (unita) Suppose that everyone who had a lease for a rent-control unit sublet that unit in a shadow market at the highest price they could receive b. In this case, the highest price they could charge is a rental price of (Cick to select)
- Using the table below answer the following question Price Quantity demanded Quantity supplied $300 60 30 $400 55 40 $500 50 50 $600 45 60 $700 40 70 $800 35 80 In response, to lobbying by the skate board association, the government places aprice ceiling at the price of $700 on skate boards. What will this have on the marketfor skate boards? Explain your answerThe National Low Income Housing Coalition tracks the availability of housing for extremely low income individuals (households with incomes below the poverty line). What is the current estimated shortage of affordable and available rental units in the US? 15.1 million 5.1 million 2.7 million 7.4 millionWhat does each part of the graph stand for? Assume that a local government imposes a price ceiling of $8, how many units will be excessively supplied/demanded?