The figure shows the rental housing market. a. What is the rent and how many apartments are rented? If a rent ceiling is set at $900 a month, what is the rent and how many apartments are rented? b. If...

The figure shows the rental housing market.

a. What is the rent and how many apartments are rented? If a rent ceiling is set at $900 a month, what is the rent and how many apartments are rented?

b. If a rent ceiling is set at $600 a month, what is the rent and how many apartments are rented? If a black market develops, how high could the black-market rent be? Explain.

c. With a strictly enforced rent ceiling of $600 a month, is the housing market efficient? What is the deadweight loss? Is the housing market fair? Explain why or why not.