Below is current housing market in the Twin Cities. The market is in equilibrium...

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Below is current housing market in the Twin Cities. The market is in equilibrium today.

Suppose the government decides to impose a price ceiling at $500/apartment. Suppose now people compete to purchase the house by waiting-in-line (suppose the

per-unit cost of

waiting time is same for all buyers)

. What is the resulting 

sum of consumer

surplus and producer surplus in the market?

$1500 thousand

0%

$250 thousand

0%

$750 thousand

0%

 $1000 thousand

0%

$500 thousand

0%

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