Suppose that with a strictly enforced rent ceiling on rooms of $550 a month, a black market
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Suppose that with a strictly enforced rent ceiling on rooms of $550 a month, a black market develops. How high could the black market rent be and would the on-campus housing market be fair? Explain your answer.
The table shows the demand and supply schedules for on-campus housing.
Transcribed Image Text:
Rent (dollars per month) 500 550 600 650 700 750 Quantity demanded 2,500 2,250 2,000 1,750 1,500 1,250 Quantity supplied (rooms) 2,000 2,000 2,000 2,000 2,000 2,000
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