Question
Adjust the following graph to illustrate the rent increase by either using the black point (cross symbol) or by shifting the supply and demand curves.
Adjust the following graph to illustrate the rent increaseby either using the black point (cross symbol) or by shifting the supply and demand curves.Hint: Determine whether this scenario leads to a shift in the demand/supply curve or a movement along the demand/supply curve.
The Market for Rental Properties in Los Angeles and Orange CountiesDemandSupplyNew RentVacancies Demanded with Price ControlVacancies Supplied with Price Control0100200300400500600700800900100030002700240021001800150012009006003000RENTAL PRICE (Dollars per month)QUANTITY (Number of vacant units)DemandS1S2500, 1500
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