RENT CONTROL ASSIGNMENT: an example of Shortage and Surplus
Use an article that discusses “rent control” from the Internet or library sources as a reference for this exercise.
1.) On a separate sheet of paper:
A.) draw a clear example of a surplus, show price, quantity, supply, demand, and equilibrium.
B.) draw a clear example of a shortage, show price, quantity, supply, demand, and equilibrium.
2.) Write a 2-paragraph summary of the article.
3.) Answer the following general questions AFTER your summary report:
A.) What positive impact did rent control have on the environment in your article?
B.) What negative impact did rent control have on the local market environment?
C.) Were there any solutions proposed? If so, what were they? If not, what would you propose to solve the housing problem?