Questions 44

Question 1

 A residential building in New York City contains 15 luxury-appointed lofts in a highly desirable location. How do “rent ceilings” affect the property owner (supply) and potential tenants (demand)? Which has the greater effect on the overall economy? Why? 

Question 2

 Does the shifting of the demand curve to the right or the shifting of the supply curve to the left have the greater long-range economic effect? Why? Are these shifts more significant than shifts along the curves? Why or why not? 

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