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Answer to Question #145024 in Macroeconomics for LINDA

Question #145024
Landlords show up at the next council meeting and demand an increase in rents. The council members (concerned about their upcoming re-election campaigns) vote to repeal the price ceiling and instead replace it with a price floor that is RM50 above the equilibrium price. what is the new market price? how many two bedroom apartments will be rented?
1
Expert's answer
2020-11-18T14:58:09-0500

The new market price will settle at 25 units above the previous equilibrium price. The number of leased apartments will decrease by at least 20%.


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