EC 1. Rent control affects millions of tenants and landlords every year. Which of the following statements is an accurate portrayal of the elasticity of low-end apartment demand and supply? A. Because there are few substitutes for low-end apartments and because they can't be easily stored, both supply and demand are relatively inelastic. B. As rents for lowend apartments go down, lots of other types of renters will enter the market, making the demand of lowwen apartments relatively elastic, while the ease of converting apartments to office space market the supply of low- end apartments relative elastic. C. Elasticity of supply and demand of low-end apartments is irrelevant to the discussion of rent control. D. While the necessity of lowend apartments makes demand relatively elastic, the expense of holding an inventory of low-end apartments makes supply relatively inelastic. EC 2. A minimum wage is a set above the equilibrium wage for low-skilled workers. This means A. price ceiling; given the inelasticity of low-skilled labor supply and demand, a small surplus of workers will result. B. price m given the elastic nature of lowskilled labor supply and demand a large shortage of workers will result. C. price ceiling; given the elastic nature of low-skilled labor supply and demand, a large surplus of workers will result. D. price oor; given the inelasticity of low-skilled labor supply and demand, a small surplus of workers will result