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Identify and briefly explain 2 advantages and 2 disadvantages of government legislated rent control. (I.E. A
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- Distinguish between market failure and government failure. Does rent-seeking behavior occur only as a result of government failure? Explain your answer.Select the correct answer. When looking at rent control a price ceiling typically impacts: Group of answer choices both supply and demand supply demand neitherThe primary objective of rent control by the government is to_________. a. Make the landlords charge high rent b. Make housing affordable to people c. Make the landlords of the country better off. d. Increase the number of buildings in the country.
- What are the main goal or goals of rent control (holding rent below equilibrium rent; price ceilings.)? Be precise. In other words, what is the overall social/economic purpose or objective of rent control or rent stabilization?Under rent control, bribery is a potential mechanism toRead the questions and instruction carefully. Show all necessary steps and reasonings that lead to your answers. With the help of supply-demand diagrams, illustrate a binding and a non-binding price ceiling respectively . Label your diagrams carefully. With the help of supply-demand diagrams, illustrate a binding and a non-binding price floor respectively . Label your diagrams carefully. Is rent control a price ceiling or a price floor? In 100-200 words, state and explain AT LEAST TWO cons and/or limitations of rent controls. Create a post and answer the following questions. a) Is minimum wage a price ceiling or a price floor? b) what are some of the pros and cons of imposing a minimum wage? c) Can you think of one other example of price ceiling or a price floor?
- Which of the following is the most likely result of a rent control law that creates a binding price ceiling? A shortage of rentable homes. A surplus of rentable homes. The quality of rental homes will increase. All people will be able to rent a home.To protect the well-being of the tenants, some legislators in Hong Kong suggest imposing a rent control. Explain the effects of a rent control on the market for rental housing, changes in the behavior of the landlords as a result of, and explain why these imply inefficiency.Explain where, in relation to the market equilibrium price, a price floor is set in order to be successful. Historically, what has been the result of agricultural price supports? Why do governments legislate agricultural price supports?
- Part 1. The figure below shows the market for rides are services during a typical day. Assume that d1 represents the demand for rides during normal periods. Therefore, on a normal day the normal price for a ride is $16 and 6000 rides are taken. If congress bans surge pricing, it is effectively imposing a price ceiling of $16 shown by the horizontal line labeled PC. Suppose that there is an increase in the demand for rides. Use the drag tool to illustrate the effect of the surge ban, assuming it leads to a shortage of 4000 rides. Part 2. Consider alternative modes of transportation to rides are services such as taxi cabs. How would the ban on surge pricing impact the market for rides by taxi cabs? Use the drag tool to illustrate on the market graph below.Consider a market that is perfectly competitive and has no externalities. Which, if any, of these government interventions would lead to deadweight loss from preventing surplus generating transactions from occuring? (a) A subsidy (b) A tax (c) A binding price floor (d) A binding price ceiling.Consider rent control (a price ceiling). Who does rent control intend to benefit? Discuss some of the potential unintended consequences of rent control.
