Government leaders in California are concerned about high rents and housing prices. What would be the result(s) of a law that would lower rents below the market equilibrium price?

I. Initially rents would be lower.

II. More apartments would be built in the future.

III. In the long run, there would be a shortage of apartments and fewer incentives to maintain them.

a.I only

b.II only

c.I and II

d.I and III