Problem
(Price Ceilings) Suppose the demand and supply curves for rental housing units have the typical shapes and that the rental housing market is in equilibrium. Then, government establishes a rent ceiling below the equilibrium level.
a. What happens to the quantity of housing consumed?
b. Who benefits from rent control?
c. Who loses from rent control?
The response should include a reference list. Double-space, using Times New Roman 12 pnt font, one-inch margins, and APA style of writing and citations.