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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.
What happens if the government decides to set a price ceiling at $1500?
I. The rent price will increase.
II. The demand for rental housing will decrease.
III. The supply for rental housing will increase.
IV. The quantity demanded for housing will fall.
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