----- Using the table., Price (S) Rent Rental Housing Demanded (Qd) L26 Rental Housing Supplied (Qs) 32 1600 1400 30 30 1200 34 28 1000 38 26 800 42 24 8. Draw the diagram showing market equilibrium....


-----<br>Using the table.,<br>Price (S)<br>Rent<br>Rental Housing<br>Demanded (Qd)<br>L26<br>Rental Housing<br>Supplied (Qs)<br>32<br>1600<br>1400<br>30<br>30<br>1200<br>34<br>28<br>1000<br>38<br>26<br>800<br>42<br>24<br>8. Draw the diagram showing market equilibrium.<br>9. Using the table, briefly (in one paragraph) explain the law of demand.<br>10. From the diagram you drew in (#8), find the equilibrium price and the equilibrium quantity.<br>11. Let's assume government sets a price ceiling at $1000. If government does not intervene in the<br>market, the rent will (decrease, stay the same, increase). Select the correct one.<br>12. Why does government intervene in this market? Briefly (in one paragraph) explain.<br>Using the graph,<br>120<br>110<br>

Extracted text: ----- Using the table., Price (S) Rent Rental Housing Demanded (Qd) L26 Rental Housing Supplied (Qs) 32 1600 1400 30 30 1200 34 28 1000 38 26 800 42 24 8. Draw the diagram showing market equilibrium. 9. Using the table, briefly (in one paragraph) explain the law of demand. 10. From the diagram you drew in (#8), find the equilibrium price and the equilibrium quantity. 11. Let's assume government sets a price ceiling at $1000. If government does not intervene in the market, the rent will (decrease, stay the same, increase). Select the correct one. 12. Why does government intervene in this market? Briefly (in one paragraph) explain. Using the graph, 120 110

Jun 07, 2022
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