Question: (i) Using a supply and demand diagram, illustrate the effect of raising the maximum rent level under rent control in the first year, after just

(i) Using a supply and demand diagram, illustrate the effect of

(i) Using a supply and demand diagram, illustrate the effect of raising the maximum rent level under rent control in the first year, after just the first increase. Using a welfare table and in words, explain who benefits and who loses and why. Be sure to state what happens to equilibrium price and quantity

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