Question: the following information will be used to solve q1q4 of...
The following information will be used to solve Q1-Q4 of this quiz. Consider the rental housing market in Sydney. The following graph describes this market. The vertical axis represents the monthly rental price. The horizontal axis represents the number of homes rented per month (in '000s).
Circle the correct one from the yellow words
The NSW government is worried that renters in Sydney are paying too much money on rent. Given this, they decide to introduce a price ceiling in the rental market that states that landlords cannot charge more than $1500 per month for rent to tenants.
After this policy change, the market price of rental housing will be (1500, 2000, 2500) and the quantity of housing rented will be (40, 50, 60) units (in '000s). There will be a (surplus, shortage) of housing equal to (0, 10, 20, 30) units (in '000s).