Answer to Question #39433 in Macroeconomics for Ash
2014-02-22T22:39:09-05:00
A price ceiling is a government price control that sets the maximum allowable price for a good or service. One often cited example is rent control.
A. Explain why rent control creates a shortage of rental housing. Illustrate with a supply/demand graph.
B. What are FOUR other consequences of rent control, in addition to the shortage?
C. Identify the winners and the losers in the rent control situation.
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2014-02-25T11:26:54-0500
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