Data on the market demand and market supply of rental apartments in a small college town is provided in the accompanying table. Suppose that in order to assist tenants, the local government imposed a...

Data on the market demand and market supply of rental apartments in a small college town is provided in the accompanying table.

Suppose that in order to assist tenants, the local government imposed a price ceiling (rent control) on apartments at $1,200 per unit. Would this create a shortage or a surplus? Of how many units? With the price ceiling in place, what would we expect to happen to the quality of rental apartments that are available?