Asked by Courtney Coffman on Jun 16, 2024
Verified
Rent controls usually result in:
A) an economic profit for the owners of the rented apartments.
B) an efficient allocation of rented apartments among tenants.
C) an excess supply of rented apartments.
D) deterioration and poor maintenance of the rented apartments.
E) an equilibrium in the market for rented apartments.
Rent Controls
Government-imposed limits on the amount landlords can charge for leasing a home or apartment.
Economic Profit
The difference between the total revenue generated by a business and the total costs, including both explicit and implicit costs.
Maintenance
The process of preserving or keeping equipment, machinery, buildings, etc., in working order by conducting regular check-ups and repairs.
- Recognize the outcomes of imposing price caps, including the emergence of shortages and problems in upkeep within the housing sector.
Verified Answer
Learning Objectives
- Recognize the outcomes of imposing price caps, including the emergence of shortages and problems in upkeep within the housing sector.
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