--%>
Assignment Help - homework help

Original equilibrium and effect of price ceiling on market

Assume in downtown Chicago the equilibrium rent for two-bedroom apartment is $900 per month. The city council decides to place price ceiling on apartments and will not permit landlords to charge more than $700 per month. Draw this condition using a graph. Ensure that you show the original equilibrium and the effect of the price ceiling on the market. What will occur in this market?
There will be a shortage of apartments since quantity demanded (QD) is greater than quantity supplied (QS).

807_vs23.png

   Related Questions in Biology

  • Q : My View on Learning Organization

    In my view, organizational learning is just a means in order to achieve strategic objectives. But creating a learning organization is also a goal, since the ability permanently and collectively to learn is a necessary precondition for thriving in the new context. Therefore, the capacity of an org

    		•
  • Q : How do placental mammals replicate How

    How do placental mammals replicate?

    		•
  • Q : Family and Medical Leave Act -

    This law allows employees to take up to 12 weeks of unpaid leave for family or medical reasons each year.  

    		•
  • Q : Problem relating to allowance The 2010

    The 2010 annual report of Willamette Valley Vineyards, Inc., comprised the following information associating to their allowance for doubtful accounts: Balance in allowance at the starting of the year $54,330, accounts written off throughout the year $51,467, balance i

    		•
  • Q : Kidneys controlling the blood volume

    How do kidneys control the volume of blood? How the blood volume of the body is related to the arterial pressure?

    		•
  • Q : Amnion as an adaptation to the

    Why the amnion can also be considered as an adaptation to terrestrial life?

    		•
  • Q : What is Long-Range Planning Long-Range

    Long-Range Planning: This is looking beyond the instant future to understand what market and other situation might exist down the road. This plan comprises more than merely a statement of goals. For businesses, it might comprise identifying regions of

    		•
  • Q : Circulatory-nervous-excretory systems

    Do sponges contain circulatory, nervous and excretory systems? Answer: Sponges do not contain a nervous system neither circulatory nor excretory system.

    		•
  • Q : Biological function-DNA and RNA

    Relating to their biological function, write down the differentiation between DNA and RNA?

    		•
  • Q : Function of iris and of pupil Write

    Write down the function of iris and of pupil?

    		•