In New York City, about 1 million apartments are subject to rent control by the local government. Rent control
A) puts a legal limit on the rent that landlords can charge for an apartment.
B) is a government policy which limits apartment rental to those people whose incomes are less than $50,000 per year.
C) is a price floor which sets a minimum rent for apartments.
D) only applies to those apartments which are owned and rented out by the local government.
A
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Is demand more elastic in the short run or the long run? Why?
What will be an ideal response?
The total gains from trade within a price system is
A) the area beneath the market demand curve and above the market clearing price plus the area above the market supply curve and beneath the market clearing price. B) the area beneath the market supply curve and above the market clearing price plus the area above the market demand curve and beneath the market clearing price. C) the area beneath the market demand curve and above the market clearing price minus the area beneath the market supply curve and beneath the market clearing price. D) always equal to zero.