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Answer to Question #47803 in Microeconomics for Yoyo

Question #47803
The fact that many universities allocate residence rooms using a lottery is evidence that these schools have a binding price ceiling for residence rooms.
Expert's answer
If there is lottery used for allocating residence rooms it means that there is limited quantity of rooms. It is fact that schools have a binding price ceiling for residence rooms. It is explained by limited quantity supplied and higher quantity demanded

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