What impact does price ceiling have on the quantity demanded

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

Reference no: EM13221913

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