1. Shortage of Trumpets
... consumers more than producers; the entire economy will lose out because the equilibrium quantity at the equilibrium price is not being reached. The price ceiling or rent control placed on Santa Monica apartments has resulted in more cons than pros. The rent control was placed with the intention of allowing people with less income to compete with everyone else in apartment ... hunting, but instead, "apartments are rented mostly to young professionals who earn the most money" (Citron 27-31). With the lower rent prices, the demand for apartments in Santa Monica has greatly increased causin...
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