have several effects on the housing market:
1. Shortage of apartments: With a price ceiling, landlords will not be able to charge market rates for their apartments. This will lead to a shortage of apartments as landlords will not be incentivized to build new apartments or maintain existing ones.
2. Reduced quality of apartments: With a price ceiling, landlords will not be able to charge enough to cover the cost of maintaining and improving their apartments. This will lead to a reduction in the quality of apartments available for rent.
3. Black market: With a shortage of apartments, a black market for apartments may emerge. Landlords may charge higher rents under the table, leading to a loss of tax revenue for the government.
4. Discrimination: With a price ceiling, landlords may discriminate against certain groups of renters, such as those with lower credit scores or those with pets, as they will not be able to charge higher rents to offset the risk.
5. Reduced investment: With a price ceiling, landlords will not be incentivized to invest in their properties or build new ones. This will lead to a reduction in the supply of apartments over time.
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1.Solved A binding price ceiling for apartments (effective | Chegg.com
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- Descriptions: A binding price ceiling for apartments (effective rent control) will: increase the quantity supplied of rental housing decrease the quantity demanded of rental …
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2.Econ- Equilibrium Flashcards – Quizlet
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- Descriptions: … has stated that there are numerous health benefits from eating bananas., A binding price ceiling for apartments (effective rent control) will: and more.
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3.Rent control is a typical example of a price ceiling. Select all likely …
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- Descriptions: Rent control is binding if the price ceiling is below the current market price. Therefore, at the price ceiling, there will be a shortage of apartments, …
- More : Rent control is binding if the price ceiling is below the current market price. Therefore, at the price ceiling, there will be a shortage of apartments, …
- Source : https://homework.study.com/explanation/price-ceilings-are-a-typical-example-of-a-price-ceiling-select-all-likely-consequences-of-rent-controls-when-the-price-ceiling-is-binding-a-more-subletting-of-apartments-b-inefficient-allocation.html
4.A binding price ceiling on apartments (effective rent control) will
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- Descriptions: A binding price ceiling on apartments (effective rent control) will:(A) increase the quantity supplied of rental housing.
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5.Price Ceilings | Microeconomics – Lumen Learning
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- Descriptions: In the graphs above, we saw what happens when a rent control law is passed to keep the price at the original equilibrium of $500 for a typical apartment. The …
- More : In the graphs above, we saw what happens when a rent control law is passed to keep the price at the original equilibrium of $500 for a typical apartment. The …
- Source : https://courses.lumenlearning.com/wm-microeconomics/chapter/price-ceilings/
6.Rent control and deadweight loss (video) – Khan Academy
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7.Price Ceiling – Wize University Microeconomics Textbook
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- Descriptions: A price ceiling is when the government sets a maximum price that producers can legally charge consumers. The most common example is rent control, …
- More : A price ceiling is when the government sets a maximum price that producers can legally charge consumers. The most common example is rent control, …
- Source : https://www.wizeprep.com/textbooks/undergrad/economics/4029/sections/100432
8.[PDF] Sample Exam Questions/Chapter 5 Use the following to answer …
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- Descriptions: With a binding price floor at $90, the market outcome would be a _____ of … If the government wanted a rent control ceiling to be effective immediately,.
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- Source : http://www.sba.oakland.edu/faculty/murphy/ecn201/winter%252016/sample%2520ex_ch5.pdf
9.[PDF] Sample Exam Questions/Chapter 5 1. A binding price ceiling is …
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- Descriptions: If rent controls are set at. Rent1: A) rental apartments may be of inefficiently low quality. B) there will be an efficient allocation of rentals.
- More : If rent controls are set at. Rent1: A) rental apartments may be of inefficiently low quality. B) there will be an efficient allocation of rentals.
- Source : http://www.sba.oakland.edu/faculty/murphy/ecn201/summer%252014/sample%2520exam%2520questions%2520chapter5.pdf
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