Price ($) Quantity Demanded (thousands) Quantity Supplied
(thousands)
1,000 600 300
1,500 500 500
2,000 400 700
2,500 300 900
The table gives the supply and demand schedules in a market for apartments. A government price control is implemented that results in a shortage of 300,000 apartments. Which price control must have been used?
(1 point)
Responses
a price floor of $1,000
a price floor of 1,000 dollars
a price floor of $2,000
a price floor of 2,000 dollars
a price ceiling of $2,000
a price ceiling of 2,000 dollars
a price ceiling of $1,000
a price ceiling of 1,000 dollars
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a price ceiling of $1,000
1 answer