Consider a competitive market for apartments. What would be the effect on the equilibrium output and price after the following changes (other things held equal) ? In each case, explain your answer using supply and demand.
a. A rise in the income of consumers
b. A $10-per-month tax on apartment rentals
c. A government edict saying apartments cannot rent for more than $200 per month
d. A new construction technique allowing apartments to be built at half the cost
e. A 20 percent increase in the wages of construction workers