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Read the conversations between a landlord and different people who call about renting an apartment. Then complete the sentences.

1. Patrick: How much is the rent?
Landlord: It's $5,000 per month.
Patrick: Oh. Thanks, but I'm not interested. Goodbye.
The rent...

2. Rolando: Are there good gyms in the area?
Landlord: Most people I know work out at the community center.
Rolando: OK. I'll get back to you about the apartment.
Rolando...

3. Michelle: I have a dog. Are dogs allowed?
Landlord: We only allow dogs that are under 20 pounds.
Michelle: Oh, then the apartment isn't a good fit for me. Thanks anyway.
Michelle's dog...



Answer :

GinnyAnswer

Final answer:

The detailed answer covers drawing demand and supply curves for apartments, defining equilibrium rent, analyzing rent ceiling effects, evaluating apartment demand and supply at the ceiling, and exploring implications of rent control.


Explanation:

Demand and Supply Curves for Apartments:

  1. Draw the demand and supply curves for apartments.
  2. Determine the equilibrium rent per month and the number of apartments demanded and supplied.
  3. When a rent ceiling of $400 per month is imposed, analyze the resulting situation.
  4. Quantify the number of apartments demanded and supplied at the rent ceiling.
  5. Examine the implications of the set rent ceiling on people's willingness to pay and potential outcomes.

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