The Hong Kong Government found that many low-income families paid a higher proportion of their limited income for the rentals of sub-divided flats.a. The government has decided to impose a binding rental control on rental market for sub-divided flats.Draw a supply-and-demand diagram to show the impact of this policy on the rental price and quantity of sub-divided flats rented. Is there a shortage or surplus of sub-divided flats? Explain. (5 marks)

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