Explain the economic process involved with Rent Control.

a) What is the economic concept that we learned in class that is associated with the Rent Control? (1 Mark) Explain it (3 Marks).

b) Introducing rent control into the economy will "artificially" force what economic concept that is discussed in Chapter 2 to come about? (1 Mark) Explain it and use the rental apartment market as an example in your explanation. (3 Marks)

c) Use your example to provide two economic arguments for or against the implementation of rental apartment Rent Controls in Toronto, Canada. (4 Marks).

d) If there is an increase of buyers in the market, will the supply curve or demand curve shift? (1 Mark)

e) Would it be an increase or decrease? (1 Mark)

f) What effect could this shift have on the rent control situation? (2 Marks)