A price floor, like minimum wage, will result in their being more supply than demand. True False

Which of the following statements is not valid when the market supply curve is vertical?An increase in market demand will increase the equilibrium quantity.Supply is perfectly inelastic.Market quantity supplied does not change when the price changes.An increase in market demand will increase the equilibrium price.

For a given market, the equilibrium quantity of the good or service will decrease if demand decreases and supply decreases demand increases and supply decreases demand decreases and supply increases demand increases and supply increases

The rent control agency of New York City has found that aggregate demand is Q = 160 - 8P. Quantity is measured in tens of thousands of apartments. Price, the average monthly rent, is measured in hundreds of dollars. The aggregate supply is Q = 70 + 7P. a) What is an equilibrium price of rental apartment? b) Suppose the agency sets a maximum monthly rent to $ 300, are there excess demand or excess supply of apartments? If so, by what amount? Please show your work with an explanation. Suppose the agency bows to the wishes of the board and sets a rental of $900 per month on all apartments to allow landlords a "fair" rate of return. If 50% of any long - run increases in apartment offerings come from new construction, how many apartments are constructed?