Business, 12.07.2019 05:20 Meirna

Sherry wants to rent an apartment. although rents are below what she is willing to pay, she cannot find an apartment. then after a month of searching, she finds an apartment but she has to pay an additional $1,000 to have the locks changed. sherry has just experienced the effects of a) a rent floor with a black market b) inelastic demand c) a market working efficiently d) a rent ceiling 12. a price floor a) always results in a surplus. b) always results in a shortage. c) results in a surplus if the floor price is higher than the equilibrium price. d) results in a shortage if the floor price is higher than the equilibrium price.

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