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maximum parking fee of $$7.$ Use the accompanying supply and demand diagram to explain how each of the following can result from the price ceiling.

a$.$ Some homeowners now think it's not worth the hassle to rent out spaces.

b$.$ Some fans who used to carpool to the game now drive alone.

c$.$ Some fans can't find parking and leave without seeing the game.

Explain how each of the following adverse effects arises from the price ceiling.

d$.$ Some fans now arrive several hours early to find parking.

e$.$ Friends of homeowners near the stadium regularly attend games, even if they aren't big fans. But some serious fans have given up because of the parking situation.

f$.$ Some homeowners rent spaces for more than $$7$ but pretend that the buyers are nonpaying friends or family.

Tackle the Test: Multiple$-$Choice

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To be effective, a price ceilngy must be set