Suppose a new off-campus university apartment complex could rent its rooms on the open market for $900 a month. If, instead, the university chooses to cap the price of rooms to $500 a month for students, the result would be that ____________.

Question

03-02-2020
Business

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Suppose a new off-campus university apartment complex could rent its rooms on the open market for $900 a month. If, instead, the university chooses to cap the price of rooms to $500 a month for students, the result would be that ____________.

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eooyibo123 eooyibo123 · Answer 1 · 2020-02-04T14:59:11+01:00

Answer:

There will be a sharp increase in quantity demanded because the rooms valued at $900 are now going for a lower price of $500 resulting in shortage of supply within a short time.

This could further lead to practices similar to black market transactions, where people that do not need the rooms will buy at lower price and sell at higher price. Because of scarcity people will be forced to buy at the higher prices from third party agents.

Explanation:

Suppose a new​ off-campus university apartment complex could rent its rooms on the open market for​ $900 a month. ​If, instead, the university chooses to cap the price of rooms to​ $500 a month for​ students, the result would be that​ ____________.

Respuesta :

Otras preguntas

Suppose a new off-campus university apartment complex could rent its rooms on the open market for $900 a month. If, instead, the university chooses to cap the price of rooms to $500 a month for students, the result would be that ____________.