Define opportunity cost
1. Define opportunity cost.
2. Define comparative advantage.
3. Define exchange.
These can be short responses. APA referenced
explain the concepts of opportunity cost, comparative advantage, and exchange.
Read the article Rent Ceilings in New York City , (attached be sure to reference APA)then answer the following questions:
Suppose the demand and supply curves for rental housing units have the typical shapes and that the rental housing market is in equilibrium. Then, government establishes a rent ceiling below the equilibrium level.
demonstrate knowledge of the laws of supply and demand and equilibrium.
1. What happens to the quantity of housing available?
2. What happens to the quality of housing and why?
3. Who benefits from rent control?
4. Who loses from rent control?
5. How do landlords of rent-controlled apartments try to get tenants to leave?
Answer each question in its own paragraph.. Don’t forget an in-text citation and that citation is included in the reference section. Use proper APA in-text citation format.