Image transcription text D Question 7 4 pts New York City has been experiencing a housing emergency for quite some time. Apartments are difficult to
Image transcription text D
Question 7
4 pts
New York City has been experiencing a housing emergency for quite some time. Apartments are
difficult to come by. In fact, the vacancy rate has been below 5 percent since World War II. The
most likely cause of the housing emergency is:
a price floor on rent higher than equilibrium price.
a price ceiling on rent lower than equilibrium price.
too high incomes in New York City.
a lack of a rationing mechanism to distribute existing apartments.
D
Question 8
4 pts
The Katrina disaster in New Orleans decreased the ability of oil companies to purify crude oil into
gasoline. This caused:
the supply curve for gasoline to shift inward.
the supply curve for gasoline to shift outward.
the quantity of gasoline demanded to move out along the demand curve.
the quantity of gasoline supplied to move in along the supply curve.
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