If consumers often purchase muffins to eat while they drink their latts at local coffee shops, what would happen to the equilibrium price and quantity of latts if the price of muffins decreases? The equilibrium quantity would increase, and the equilibrium price would decrease Both the equilibrium price and quantity would increase. Both the equilibrium price and quantity would decrease. The equilibrium price would increase, and the equilibrium quantity would decrease. Which of the following best describes the market for apartments and the effects of rent control? Supply and demand are more elastic in the short run than in the long run, so rent control leads to a larger shortage of apartments in the short run than in the long run. Supply and demand are more elastic in the long run than in the short run, so rent control leads to a larger shortage of apartments in the short run than in the long run. Supply and demand are more elastic in the short run than in the long run, so rent control leads to a larger shortage of apartments in the long run than in the short run. Supply and demand are more elastic in the long run than in the short run, so rent control leads to a larger shortage of apartments in the long run than in the short run. When will a price ceiling not be binding? If it is set below the equilibrium price. If it is set either above or below the equilibrium price. If it is set equal to the equilibrium price. If it is set above the equilibrium price