Question: Pls put some efforts to do it, I will definitely upvoted for the correct answer! The figure to the right shows the market for one-bedroom

Pls put some efforts to do it, I will definitely upvoted for the correct answer!

The figure to the right shows the market for one-bedroom apartments in Calgary. If this market is Q initially unregulated, 25 thousand units will rent for a price of $ 680 per month. Rental Housing Market Sshort run Suppose however, the city imposes the controlled price shown in the figure. In this case, in the short run, the market experiences an excess demand of 5 thousand units. Slong run In the long run, if the controlled price remains in place, the market will show a thousand units. This analysis indicates that as time passes, rent controls will cause housing shortages to Rental Price ($ per month) Controlled Price 12 25 30 Quantity of Rental Units (Thousands)

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