Daanaye3436 Daanaye3436

14-04-2020
Business

contestada

The equilibrium price of rental housing in City PQR is $1,000. If a price ceiling on rental housing is set at $800 in City PQR, the result in that city will be __________________ compared to at the equilibrium rental rate.

Respuesta :

stanfordgoddy stanfordgoddy

19-04-2020

Answer:

Higher

Explanation:

This occurs because there tends to be greater demand for housing in Denver, but home owners supply of houses would be minimal, thereby reducing the availablity of homes.

This creates a situation where the law of demand and supply applies, thus leading to an even greater cost of housing above the price ceiling.

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