Refer to Figure 4-5. With rent control, the quantity supplied is Q1. Suppose apartment owners ignore the law and rent this quantity for the highest rent they can get. What is the highest rent they can get?

A rightward shift of a demand curve is called a(n)

a. increase in demand b. decrease in demand c. increase in quantity demanded d. decrease in quantity demanded e. increase in supply

If M were 10,000, P were 10, and Q were 5,000, how much would V be?

What will be an ideal response?