New york city has a long-standing policy of controlling, Microeconomics

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New york city has a long-standing policy of controlling

Problem

New York City has a long-standing policy of controlling rents in certain parts of the city-in essence, a price ceiling on rent. Is the market for apartments likely to be efficient or inefficient? What does this imply for the size of total surplus?

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Microeconomics: New york city has a long-standing policy of controlling

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Microeconomics: New york city has a long-standing policy of controlling

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