Question: a. What are the equilibrium rent and equilibrium quantity of rental housing? b. If a rent ceiling is set at $600 a month, what is

a. What are the equilibrium rent and equilibrium quantity of rental housing?
b. If a rent ceiling is set at $600 a month, what is the quantity of housing rented and what is the shortage of housing?
Use Figure 6.1, which shows the market for rental housing in Townsville

E 600 6 450 o300 150 0 10 20 30 40 Quantity (thousands)

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