Textbook Notes (368,164)
Canada (161,688)
York University (12,802)
Economics (1,011)
ECON 2000 (85)
Chapter 6

Chapter 6 ECON 2000.docx

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Department
Economics
Course
ECON 2000
Professor
Irene Henriques
Semester
Fall

Description
Chapter 6lecture 9Governments intervene in markets Usually based on an equity principleRent controlsaffordabilityPeople with low incomesMinimum wagesprotect those at the bottom of the equality ladder A price ceiling set above equilibrium price has no effect Unregulated housing marketShortagerent risesQuantity supplied of houses increases in the short run because suppliers try to profit on the higher rent prices and the supply curve of houses shifts back to equilibriumA rent ceiling price ceiling placed below equilibrium createsHouse shortages increased search activity and a
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