Question: If a rent ceiling is set at $300 a month, what is the quantity of housing rented, the shortage of housing, and the maximum price

If a rent ceiling is set at $300 a month, what is the quantity of housing rented, the shortage of housing, and the maximum price that someone is willing to pay for the last unit of housing available?
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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