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(Rent Control) Rent prices have been on the rise. Suppose Albuquerque officials are considering putting...

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(Rent Control) Rent prices have been on the rise. Suppose Albuquerque officials are considering putting a price ceiling on rent (rent control). Analyze the effects of a price ceiling on the apartment rental market by addressing the questions below. Assume the market for one-bedroom rentals is perfectly competitive. (1) On the first graph, illustrate the initial market for one-bedroom apartment rentals showing an equilibrium price of $1,200 and an equilibrium quantity of 500 . (2) Now suppose ABQ officials mandate a binding price ceiling of $1,000. Illustrate the impact of the proposal on your graph, being sure to label the new price and quantity, and new consumer surplus, producer surplus, and deadweight loss. (3) How did consumer surplus, producer surplus, and deadweight loss change after the price ceiling

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