In Technical Problem 12, suppose the city council decides rents are too high and imposes a rent ceiling of $400.a. The ceiling on rent causes a______________ of ________________ apartments per month.b. How many more renters would have found an apartment in this city if the ceiling had not been imposed?Suppose that instead of imposing a ceiling price, the city council places a floor price of $600 on rental rates.c. The floor price on rent causes a__________ of _________________apartments per month.

Data From Problem 12

The following table presents the demand and supply schedules for apartments in a small U.S. city:

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Monthly rental rate (dollars per month) Quantity demanded (number of units per month) Quantity supplied (number of units per month) $300 130,000 35,000 350 115,000 37,000 400 100,000 41,000 450 80,000 45,000 500 72,000 52,000 550 60,000 60,000 600 55,000 70,000 650 48,000 75,000