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A certain city is considering an adoption of rent control to keep apartments affordable for low-income families. Using a carefully labeled diagram of market for apartments, show and explain the short run effects of this new policy on rents and availability of apartments. Carefully explain whether this will achieve the implicit goal of the policy makers to keep apartments available for low-income residents. Also, describe the short run and long run impact of this policy on the availability of apartments in this city area.

Microeconomics, Economics

  • Category:- Microeconomics
  • Reference No.:- M91233261

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