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Economics

The city council of a small college town decides to regulate rents in order to reduce student living expenses. Suppose the annual market clearing rent for a two bedroom apartment has been $700 per month and that rents were expected to increase to $900 per month within a year. The city council limits rents to their current level.

A) Draw a supply and demand graph to show what will happen in the market for student housing after the control is enacted.

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Business Economics, Economics

Category:- Business Economics
Reference No.:- M91423347

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