Imagine that a city council decides that the market price for student rental apartments is too high. It passes a law that establishes a rental price ceiling of $600 per month. The result of the price ceiling is a shortage. Which of the following has caused the shortage of apartments? A spike in demand from many students who want to rent cheap apartments. The drop in supply caused by apartment owners pulling their units off the rental market and converting them into condos for sale. Both suppliers and demanders. Landlords will reduce the supply of apartments, and the demand form renters will increase. The change in price as a result of the price ceiling set by the city council.