6. The city council where your college is located decides to regulate room rentals in order to reduce student living expenses. Supposedly the market clearing rent (at equilibrium) for two bed-room...

Extracted text: 6. The city council where your college is located decides to regulate room rentals in order to reduce student living expenses. Supposedly the market clearing rent (at equilibrium) for two bed-room apartment is $900 and the City council mandated by law that all rental is now $700. Draw the supply and demand graph to illustrate what will happen to the rental price after the imposition of the rent controls Do you think this policy will benefits all student ? Why and why not ? i. ii.