Draw supply and demand curve to illustrate the following sequences of events. Show changes in one graph. Assume upward sloping for supply curves and downward sloping for demand curves
1. In year 1, the rental apartment market in a certain city is in equilibrium. In year 2, the population of the city grow significantly. In year 3, the population continues to grow and a rent control law is introduced to prevent apartment rentals from rising above the levels reached in year 2.