Question 4: Should we impose rent control measures throughout the greater New York City Metropolitan Area. Rent control policies do exist in large metropolitan areas like New York City and San Francisco albiet they are limited in their scope and coverage. For this problem, consider the entire rental market for the New York City metropolitan area. The demand and supply curves below accurately represent the competitive market for rental properties in the overall New York City Metropolitan Area. Demand: Supply: Price = 5,000 - 1000 Price = 1000 Q Where "price" is equal to the monthly rent charge and "Q" the number of rental properities. A) Calculate the equilibrium price and the equilibrium quantity of rental properites in this unregulated perfectly competitive labor market. B) Calculate consumer, producer, and total surplus in this unregulated perfectly competitive market. C) Let's assume the New York State Government imposes a metropolitan wide rent control policy where the maximum monthly rent for a property would be equal to $1,000 per month. Calculate the number of rental properties transacted when rent control is enacted. Calculate consumer, producer, and total surplus after rent control is enacted. D) How can the government justify imposing a rent control measure in this market which otherwise would be considered efficient