Part I - (this draws on opportunity cost (Ch 1) and markets (Ch 3)) Describe the market for rental housing, as it would be in a free market without government intervention, using what you have learned about scarcity, marginal analysis in decision-making, and markets. You must include a discussion of resources, supply and demand, as well as marginal benefits and marginal costs. Think of this as an explanation of the pros and cons of the market, using specific economic terminology and concepts learned in this course.

Describe the benefits and costs but leave the discussion of rent control and other solutions to the problems in the housing market for the next part. Describe this market using the supply and demand graphical model; reference your graph in your description. Include "graph 1" of this market at the end of the paper in an appendix (not included in page count). This should be a discussion without mentioning Price Controls, only discuss how the rental housing market is without government intervention. Feel free to use any stats or data that you find through your own research - make sure you use multiple different economic terms from key concepts in chapters 1 and 3 throughout this part of the paper or you will not earn a complete on this assignment.