How an action taken by a city authority to keep house rental prices artificially low might have the opposite effect in some cases and create a black market with very high rents. How high could black market rents potentially go? Provide one or more diagrams to illustrate your answer

How an action taken by a city authority to keep house rental prices artificially low might have the opposite effect in some cases and create a black market with very high rents. How high could black market rents potentially go? Provide one or more diagrams to illustrate your answer

Macroeconomics: Private and Public Choice (MindTap Course List)

16th Edition

ISBN:9781305506756

Author:James D. Gwartney, Richard L. Stroup, Russell S. Sobel, David A. Macpherson

Publisher:James D. Gwartney, Richard L. Stroup, Russell S. Sobel, David A. Macpherson

Chapter4: Demand And Demand: Applications And Extensions

Section: Chapter Questions

Problem 7CQ

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