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Other Fields Homework Help Economics Topic started by: jtfortwengler on Sep 26, 2022


Title: FIGURE 5-4Refer to Figure 5-4. Suppose the government sets a rent ceiling at $900. In this ...
Post by: jtfortwengler on Sep 26, 2022


Short description: A graph plots the quantity of apartments against price in dollars per month. Long description: The horizontal axis representing the quantity of apartments ranges from 100 to 1200, in increments of 100. The vertical axis representing price in dollars per month ranges from 400 to 1200, in increments of 100. The graph plots four lines. A decreasing line representing demand passes through the following points: (600, 1200), (800, 1000), (1000, 800), and (1200, 600). An increasing line representing S subscript 1 passes through the following points: (800, 400), (900, 600), (1000, 800), (1100, 1100). An increasing line S subscript 2 passes through the following points: (150, 500), (400, 600), (600, 700), (800, 750), (1000, 800), and (1200, 900). A horizontal line representing rent-controlled price is drawn from 600 on the vertical axis. The horizontal line intersects S subscript 2, S subscript 1, and demand at (400, 600), (900, 600), and (1200, 600), respectively. The lines, S subscript 2, S subscript 1, and demand intersect at (1000, 800). Note: all values are approximate.

FIGURE 5-4

Refer to Figure 5-4. Suppose the government sets a rent ceiling at $900. In this situation, the rental price for an apartment is



▸ any rent above $900.

▸ $900.

▸ any rent below $600.

▸ $600.

▸ the same as the free-market equilibrium rental price.

Title: FIGURE 5-4Refer to Figure 5-4. Suppose the government sets a rent ceiling at $900. In this ...
Post by: rick32 on Sep 26, 2022
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