Monthly RentApartments DemandedApartments Supplied$ 2,50010,00015,000$ 2,00012,50012,500$ 1,50015,00010,000$ 1,00017,5007,500$ 50020,0005,000
Suppose that a new government is elected that wants to keep out the poor. It declares that the minimum rent that landlords can charge is $2,500 per month. If the government can enforce that price floor, will there be a surplus or a shortage?