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The graph below represents the market for rent controlled apartments in New York City. Calculate the shortage caused by the price ceiling. supply, demand and
The graph below represents the market for rent controlled apartments in New York City. Calculate the shortage caused by the price ceiling. supply, demand and price ceiling for rent A supply and a demand curve are shown with a price ceiling at $1,200. Equilibrium price is $2,500 and equilibrium quantity is 1,075 apartments. The quantity demanded at the price ceiling is 1,700 and quantity supplied is 570. Provide your answer below
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