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jtfortwengler jtfortwengler
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A year ago


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.
Textbook 
Microeconomics

Microeconomics


Edition: 17th
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rick32rick32
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jtfortwengler Author
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A year ago
I appreciate what you did here, answered it right Smiling Face with Open Mouth
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Yesterday
Good timing, thanks!
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2 hours ago
Helped a lot
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