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Q5: Rent control laws are in place in states such as Maharashtra and Karnataka in India. Such price controls establish the price of rental accommodation

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Q5: Rent control laws are in place in states such as Maharashtra and Karnataka in India. Such price controls establish the price of rental accommodation and limit annual increases in rent up to a maximum amount. Use a supply and demand diagram of a competitive market to show the effect of binding rent controls on the equilibrium price and quantity of rental properties

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