Quiz Submissions - Topic 04 Quiz Top Of Form

Quiz Submissions - Topic 04 Quiz Top of FormSelome Worku (username: selome.worku1)Attempt 1Written: Mar 30, 2018 1:06 AM - Mar 30, 2018 1:58 AMSubmission ViewYour quiz has been submitted successfully.Question 11 / 1 pointA price ceilingA) is an illegal price.B) is the price that exists in a black market.C) is the maximum price that can legally be charged.D) Both answers A and B are correct.E) Both answers B and C are correct.Question 21 / 1 pointIn a housing market with no rent ceilings, the equilibrium rent is that for which the quantity of apartments demandedA) equals the quantity supplied.B) is greater than the quantity supplied.C) is less than the quantity supplied.D) might be greater than, equal to, or less than the quantity supplied depending on whether the supply curve is upward sloping, horizontal, or vertical.E) None of the above answers is correct because without rent ceilings there is no equilibrium rent.Question 31 / 1 pointA rent ceiling set below the equilibrium rentA) results in all renters and potential renters being better off.B) ensures the availability of enough low-rent apartments in a city.C) creates a situation in which the quantity demanded of housing is