Question: 7. On the graph below: A. Draw and label the effect of a rent control restriction on the market for apartments. (Draw an appropriately labeled


7. On the graph below: A. Draw and label the effect of a rent control restriction on the market for apartments. (Draw an appropriately labeled horizontal line either above or below equilibrium based upon the type of price restriction you believe it to be.) B. What is the economic label for this price regulation? (Label the line.) C. Draw and label quantity supplied (Qs), quantity demanded (Qd), on each sie of the quantity at equilibrium (Qe) and indicate the result on Qs and Qd using oppossing arrows. D. What word describes the usual e'ect/result of this government price restriction market result? E. In reality how do landlords and renters often respond to such pricing restrictions, what actions do they often take, and F. What is the legal term for the usual illegal response? (10 points) (Draw on graph below)
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