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200 Price (dollars per month) 1100 1000 900 800 700 600 500 rent-controlled price 400 Demand 100 200 300 400 500 600 700 800 900
200 Price (dollars per month) 1100 1000 900 800 700 600 500 rent-controlled price 400 Demand 100 200 300 400 500 600 700 800 900 1000 1100 1200 Quantity of apartments FIGURE 5-4 Refer to Figure 5-4. Suppose the government imposes a rent-controlled price of $600 per month on apartments in this city. In the long run, we can expect the shortage of apartments to be units
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