Utilize a supply and demand model to model this phenomenon

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According to an article published in the New York Times on May 14, 2010, after Portugal overthrew a dictatorship in 1974, the government instituted rent control laws. The article notes that there is now a "chronic shortage of rental housing." Use a supply and demand model to show how this outcome could have been predicted. The article also notes that, as a consequence of the rent control laws, the price of owner occupied housing has increased greatly. Use a supply and demand model to model this phenomenon as well.

Reference no: EM1364117

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