me figure to the right shows the market for one-bedroom partments in Calgary. If this market is itially unregulated, 38 thousand units will rent for a ice of $ 645 per month. uppose however, the city imposes the controlled price hown in the figure. In this case, in the short run, the market experiences an excess demand of 7 thousand units. in the long run, if the controlled price remains in place, the market will show a surplus of 20 thousand units. shortage surplus scarcity GITH Rental Price ($ per month) 945 645 520- Rental Housing Market Sshort run Siong Controlled F 18 38 45 Quantity of Rental Units (Thousands)

me figure to the right shows the market for one-bedroom partments in Calgary. If this market is itially unregulated, 38 thousand units will rent for a ice of $ 645 per month. uppose however, the city imposes the controlled price hown in the figure. In this case, in the short run, the market experiences an excess demand of 7 thousand units. in the long run, if the controlled price remains in place, the market will show a surplus of 20 thousand units. shortage surplus scarcity GITH Rental Price ($ per month) 945 645 520- Rental Housing Market Sshort run Siong Controlled F 18 38 45 Quantity of Rental Units (Thousands)

Micro Economics For Today

10th Edition

ISBN:9781337613064

Author:Tucker, Irvin B.

Publisher:Tucker, Irvin B.

Chapter3: Market Demand And Supply

Section3.A: Consumer Surplus, Proudcer Suplus, And Market Efficency

Problem 20SQ

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