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Resources Question 5 of 21 Al Tutor Hide 401 pts 12100 121Questions Suppose the city...

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Economics

Resources Question 5 of 21 Al Tutor Hide 401 pts 12100 121Questions Suppose the city council in a large city decides to passa law which forces landlords to charge a maximum rent of

$(750)/(m)onth

for a one-bedroom apartment. Prior to the rent control, theaverage rent for a one-bedroom apartment was

$1,(750)/(m)onth

. Which is an unintended consequence that may occur as a resultof the price ceiling? Some landlords and renters will agree oe aprice of less than

$(750)/(m)onth

and sot report it to the government. The rental market willbecome more efficient. Landlords will supply more apartments to themarket than they did belore the price ceiling. Landlords will begindecreasing the quality of coe-bedroom apartments by not makingrepairs or paying for upkeep.

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