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(D) Now suppose Gotham imposes a $350 price ceiling on the rent for student apartments. (i) What is quantity supplied and quantity demanded? Is there

(D) Now suppose Gotham imposes a $350 price ceiling on the rent for student apartments. (i) What is quantity supplied and quantity demanded? Is there excess supply or excess demand? (ii) Calculate consumer and producer surplus under the new law. How have these changed from (B)?

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