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MICROECONOMICS The diagram below illustrates the current market for apartments in Washington, D.C. Question: 1. If the city government imposes a price ceiling of $2,000

MICROECONOMICS

The diagram below illustrates the current market for apartments in Washington, D.C.

Question:

1. If the city government imposes a price ceiling of $2,000 per month, is there a shortage? If so, how much, if not, why not?

2. If the city government imposes a price ceiling of $1,000 per month, is there a shortage? If so, how much, if not, why not?

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