The figure below shows the demand for on-campus housing. The college has 200 rooms to rent. If the college puts a strictly enforced rent ceiling on rooms of $550 a month:

a.(0.5 point) What is the rent?

b.(1 point) How many rooms are rented?

c.(1 point) Is the on-campus housing market efficient? Explain why or why not.

Price of room quantity demand quantity supplied

500 250 200

550 225 200

600 200 200

650 175 200

700 150 200