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1400 1300 L200 Rent ceiling L000 900 100 150 200 150 300 5e 00 Qureny theand of unt The above figure shows the market for 2 bedroom town homes. If a rent ceiling is set at $1,000 per month then there is a A) surplus equal to 100,000 town homes. B) shortage equal to 250,000 town homes. OO shortage equal to 100,000 town homes. C) DI shortage equal to 150,000 town homes. E) surplus equal to 150,000 town homes.

1400 1300 L200 Rent ceiling L000 900 100 150 200 150 300 5e 00 Qureny theand of unt The above figure shows the market for 2 bedroom town homes. If a rent ceiling is set at $1,000 per month then there is a A) surplus equal to 100,000 town homes. B) shortage equal to 250,000 town homes. OO shortage equal to 100,000 town homes. C) DI shortage equal to 150,000 town homes. E) surplus equal to 150,000 town homes.

Exploring Economics
Exploring Economics
8th Edition
ISBN:9781544336329
Author:Robert L. Sexton
Publisher:Robert L. Sexton
Chapter7: Market Efficiency And Welfare
Section: Chapter Questions
Problem 2P
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1,400 00 L200 L100 Rent 1000 ceiling 900 100 150 200 150 300 5e 00 Qurty thouends of unta The above figure shows the market for 2 bedroom town homes. If a rent ceiling is set at $1,000 per month then there is a A) surplus equal to 100,000 town homes. B) shortage equal to 250,000 town homes. C) shortage equal to 100,000 town homes. DI shortage equal to 150,000 town homes. E) surplus equal to 150,000 town homes.
Transcribed Image Text:1,400 00 L200 L100 Rent 1000 ceiling 900 100 150 200 150 300 5e 00 Qurty thouends of unta The above figure shows the market for 2 bedroom town homes. If a rent ceiling is set at $1,000 per month then there is a A) surplus equal to 100,000 town homes. B) shortage equal to 250,000 town homes. C) shortage equal to 100,000 town homes. DI shortage equal to 150,000 town homes. E) surplus equal to 150,000 town homes.
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