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.
1
Expert's answer
2014-10-17T15:05:39-0400
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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