Regulate rents in order to reduce student living expenses

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The city council of a small college town decides to regulate rents in order to reduce student living expenses. Suppose the annual market clearing rent for a two bedroom apartment has been $700 per month and that rents were expected to increase to $900 per month within a year. The city council limits rents to their current level.

A) Draw a supply and demand graph to show what will happen in the market for student housing after the control is enacted

Reference no: EM13860838

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