Choose one practice problem from the options below. You are strongly encouraged to complete all of them on your own, though! Once you are ready to participate, you can reply by clicking in the Reply eld (below instructions, underneath Technical Support). This will open a text editor where you can type your response, and add images, links, and media. 0 (Rent Control) Rent prices have been on the rise. Suppose Albuquerque ofcials are considering putting a price ceiling on rent (rent control). Analyze the effects of a price ceiling on the apartment rental market by addressing the questions below. Assume the market for one-bedroom rentals is perfectly competitive. (1) On the rst graph, illustrate the initial market for onebedroom apartment rentals showing an equilibrium price of $1,200 and an equilibrium quantity of 500. (2) Now suppose ABQ ofcials mandate a binding price ceiling of $1,000. Illustrate the impact of the proposal on your graph, being sure to label the new price and quantity, and new consumer surplus, producer surplus, and deadweight loss. (3) How did consumer surplus, producer surplus, and deadweight loss change after the price ceiling