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Draw a model of that market in equilibrium

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Question: Suppose there is a market for rental property in Lakeland. Assume for this problem that all are one type of property of the same size and currently have a market equilibrium price of $1000 per month. Draw a model of that market in equilibrium. Now, on that diagram show what would happen to that market (i.e. price and quantity demanded and supplied) if the government, in an attempt to help the poor, implements a price ceiling such that no rental price can be above $800 per month?

Reference no: EM133426179

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