Below is current housing market in the Twin Cities. The market is in equilibrium...
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Below is current housing market in the Twin Cities. The market is in equilibrium today.
Suppose the government decides to impose a price ceiling at $500/apartment. Suppose now people compete to purchase the house by waiting-in-line (suppose the
per-unit cost of
waiting time is same for all buyers)
. What is the resultingsum of consumer
surplus and producer surplus in the market?
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