Price stabilization policies similar to rent control apply to about half of the private rental housing in New York City. (a) Graph the impact of a binding rent policy on rent controlled apartments. i. Compared to the (counterfactual) competitive equilibrium outcome, is there are shortage or surplus? ii. What is the impact on price, quantity, and consumer and producer surplus, relative to competitive equilibrium? (b) Graph the impact of a binding rent control policy on market-rate apartments. What is the impact on price and quantity? (c) Besides the impacts on price, quantity, and welfare, what are the other economic consequences of rent control, i.e. the "secondary effects