Price elasticity of demand measures the responsiveness of quantity demanded in a market to a change in price

Which of the following is a likely outcome of rent ceilings?

A) a surplus of rent-controlled housing B) waiting lists of potential renters of rent-controlled housing C) construction of more rental housing D) black market rents below the ceiling rent

A major problem with using the egalitarian principle to distribute income is that

A) it would eliminate the incentives that rewards provide in an economic system. B) it is difficult to know when an equal distribution of income has been achieved. C) it would not be fair to the wealthy. D) there exist no mechanisms to carry out such a scheme.