Suppose that owners of high-rise office buildings are the main employers of custodial workers in acity. The city has decided to impose rent controls, and ithas established a rent ceiling below the previous equilibriumrental rate for offices throughout the city.
a. How will the quantity ofoffices the building owners lease change?
b. How will the market wage andequilibrium quantity of labor services provided by custodialworkers be affected by the imposition of rent controls?