Monthly rent Quantity demanded Quantity supplied $600 800 140 $650 650 210 $700 500 280 $750 350 350 $800 200 420 What is the market price without rent control? $ How many one-bedroom apartments will be rented after the rent control law is passed?

Macroeconomics
13th Edition
ISBN:9781337617390
Author:Roger A. Arnold
Publisher:Roger A. Arnold
Chapter4: Prices: Free, Controlled, And Relative
Section: Chapter Questions
Problem 6QP
icon
Related questions
Question

Monthly rent
Quantity
demanded
Quantity
supplied
$600  800 140
$650  650 210
$700  500 280
$750  350 350
$800  200 420

What is the market price without rent control?    $ 

How many one-bedroom apartments will be rented after the rent control law is passed?

Expert Solution
Step 1

What is the market price without rent control?

Answer:

Market price without rent control is equilibrium price where demand equal supply

Quantity Demanded = Quantity Supplied = 350

At Eqilibrium quantity, the market price without rent control is $750

 

trending now

Trending now

This is a popular solution!

steps

Step by step

Solved in 2 steps

Blurred answer
Knowledge Booster
Price Control
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, economics and related others by exploring similar questions and additional content below.
Similar questions
  • SEE MORE QUESTIONS
Recommended textbooks for you
Macroeconomics
Macroeconomics
Economics
ISBN:
9781337617390
Author:
Roger A. Arnold
Publisher:
Cengage Learning
Economics (MindTap Course List)
Economics (MindTap Course List)
Economics
ISBN:
9781337617383
Author:
Roger A. Arnold
Publisher:
Cengage Learning
Microeconomics
Microeconomics
Economics
ISBN:
9781337617406
Author:
Roger A. Arnold
Publisher:
Cengage Learning