2. Suppose the government decides to pass a law to help control the price of rents. They set a new monthly rent price at $500. All landlords must charge no more than $500 (though they can
charge LESS if they want to).
a. What kind of price control is this?
b. What is the quantity demand of apartments at this price?
C. What is the quantity supplied of apartments at this price?
d. How did the quantity demand of apartments change with this new price?
e. How did the quantity supplied of apartments change with this new price?
f. Are there too many apartments available now or too few?
g. What is this problem called?
T
14
이