Question:

Explain the impact of?

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Explain the impact of:

i. A rent ceiling set below the equilibrium price.

ii. A price floor set above the equilibrium price.

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  1. the first answer is wrong because demand and supply are simply the names for the RELATIONSHIPS.

    1.  a ceiling below the eq. price causes a shortage (qd>qs)

    2.  A price floor above eq. price causes a surplus (qs>qd)


  2. i. demand for rentals that exceed supply

    ii. supply of rentals that exceeds demand
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