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Answer to Question #28489 in Finance for will

Question #28489
The rent market price for a 1-bedroom condominium in NYC is $3,000. However, the government does not allow these prices to be charged and establishes a price ceiling. This means that the government sets the maximum rent that can be charged. The rent market prices are usually far above the rents set by the government.

Question: What impact does this price ceiling have on the quantity demanded and supplied in this scenario?
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