I asked chatGPT the following:

Suppose a city facing a shortage of rental apartments eliminates rent controls. Which of the following is most likely to occur?

A decrease in rents and a decrease in the number of apartment units supplied

An increase in rents and an increase in the number of apartmnt units supplied

A decrease in the demand for apartments and an increase in the number of apartment units supplied

An increase in the demand for apartments and a decrease in the number of apartment units supplied

ChatGpt answered the following:

The most likely outcome of eliminating rent controls in a city facing a shortage of rental apartments is an increase in rents and an increase in the number of apartment units supplies. The elimination of rent controls would give landlords more freedom to set rents at market levels, allowing them to charge higher prices in response to the demand for housing. This, in turn, would provide incentives for landlords to construct or make available more apartment units in order to take advantage of the higher rents. It is possible that the increase in rents may cause a decrease in demand for apartments, but in a market with a shortage of rental units, the overall demand for housing is likely to remain high. As a result, the increase in supply of apartmnts is likely to be greater than any decrease in demand, leading to an overall increase in the number of apartment units supplied

Illustrate ChatGPT's solution in a diagram. Discuss the answer. Do you agree? Where is it weak? Is something missing?