How may price floors and ceilings destroy market equilibrium? How does the shape of the indicator line on the graph show diminishing returns?

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Monthly rent A Price Ceiling on Rent B $900 $800 Equilibrium price $700 Price ceiling $600 $500 Quantity supplied =2 million Quantity demanded 1 2 3 4 5 Quantity of apartments (in millions) Graph A. Price Ceiling More people would like to rent at the government-controlled price, but apartment owners are unwilling to build more rental units if they cannot charge higher rent. This results in a shortage of apartments to rent. THE LAW OF DIMINISHING RETURNS Units Produced A LAW OF DIMINISHING RETURNS Units of a Factor of Production Hourly wage Graph B. Price Floor A fast-food restaurant wants to hire students at $4.15 an hour, but the government has set a minimum wage-a price floor-of $5.15 an hour. Price Floor on Wages Quantity demanded 2 million $6.15 $5.15 $4.15 Price floor Quantity supplied million $3.15 $2.15 Equilibrium price 1 2 3 4 5 6 Quantity of workers (in millions) Monthly rent A Price Ceiling on Rent B $900 $800 Equilibrium price $700 Price ceiling $600 $500 Quantity supplied =2 million Quantity demanded 1 2 3 4 5 Quantity of apartments (in millions) Graph A. Price Ceiling More people would like to rent at the government-controlled price, but apartment owners are unwilling to build more rental units if they cannot charge higher rent. This results in a shortage of apartments to rent. THE LAW OF DIMINISHING RETURNS Units Produced A LAW OF DIMINISHING RETURNS Units of a Factor of Production Hourly wage Graph B. Price Floor A fast-food restaurant wants to hire students at $4.15 an hour, but the government has set a minimum wage-a price floor-of $5.15 an hour. Price Floor on Wages Quantity demanded 2 million $6.15 $5.15 $4.15 Price floor Quantity supplied million $3.15 $2.15 Equilibrium price 1 2 3 4 5 6 Quantity of workers (in millions)