Foundations of Economics, 8th Edition

Chapter Checkpoint

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Study Plan Problems and Applications

Table 1 shows the demand and supply schedules for on-campus housing. Use Table 1 to work Problems 1 to 3.

Table 1

Table 1 Full Alternative Text

1. If the college puts a rent ceiling on rooms of $650 a month, what is the rent, how many rooms are rented, and is the on-campus housing market efficient?

2. If the college puts a strictly enforced rent ceiling on rooms of $550 a month, what is the rent, how ...