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).
Which of the following statements are likely to be true, assuming that the NSW government chooses to implement some price ceiling that is binding? (Select all the apply)
A) Total expenditure on rental housing will decrease relative to the free market outcome
B) Renters would likely be using non-price discrimination to determine which landlord to rent from
C) The quality of rental housing would likely decrease
D) There would be a large number of people waiting to view apartments at inspections