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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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