Draw a supply and demand graph regarding the response to the prompt. Prompt: Response: The opposing externality argument for the rent freeze revolves around the social costs associated with housing instability and homelessness. By preventing sharp rent increases during times of economic hardship, such as the COVID -19 pandemic ,the rent freeze aims to mitigate the negative externalities imposed on society. Housing instability and homelessness can lead to a range of social issues, including increased crime rates, strain on social services, and decreased overall well - being. Graphically, this can be represented by the negative external cost ( MSC > MPC ) associated with the housing market. The imposition of the rent freeze aims to internalize this externality by ensuring that rental housing remains affordable and accessible to a larger portion of the population, thereby reducing the social costs imposed on society.