Price ceilings are only effective when they are placed below the market equilibrium price

The shortage created by a rent ceiling below the equilibrium rent is smallest when the demand for housing is ________ and the supply of housing is ________

A) elastic; elastic B) elastic; inelastic C) inelastic; elastic D) inelastic; inelastic E) unit elastic; unit elastic

Rent control is an example of a price floor

Indicate whether the statement is true or false