--%>
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 : Aquatic and flying mammals Are there

    Are there any aquatic and flying mammals? Answer: Cetaceans (whales and dolphins) and sirenians (dugongs and manatees) are aquatic mammals. Chiropterans (that is, ba

    		•
  • Q : Constituents of the gray and white

    Name the respective constituents of the gray and white matter of the spinal cord?

    		•
  • Q : How does CD4 counting act to monitor

    How does CD4 counting act to monitor HIV infection? What is another laboratory technique to follow up disease?

    		•
  • Q : Mitosis participate how does mitosis

    how does mitosis participate in the growth of cellular organism

    		•
  • Q : Process of Organizing Process of

    Process of Organizing The process of organization may be described as the managerial function of organizing. It consists in making a rational division of work into groups of activities and tying to

    		•
  • Q : Determine sequence weights Determine

    Determine sequence weights for the sequences ACTA, ACTT, CGTT, and AGAT in problem 1 by using Thompson, Higgins, and Gibson method a) compute pairwise distances between sequences b) build phylogenetic the tree using UPGMA method  c) derive sequence weights 

    		•
  • Q : Explanation of biome Give a brief

    Give a brief explanation of the term biome.

    		•
  • Q : Define Breath Breath forms the very

    Breath forms the very root of our survival. Untiringly, unhindered and without a pause, it makes its way through all bodily pathways, while being silently and secretly hidden. The type of breath varies with different moods of a person. The cells in ou

    		•
  • Q : Excretion in Reptilia Specify type of

    Specify type of the nitrogen waste which is eliminated by the beings of class Reptilia?

    		•
  • Q : Situational factors - Personality

    An individual's personality may change in different situations. The demands of different situations may call for different aspects of one's personality. Therefore, we should not look at the personality factors in isolation. Although certain generalizations can be made about personality, there exi

    		•