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CLEP Microeconomics Exam Prep

Category - Microeconomics

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The city of Newark, New Jersey has instituted strict rent control since the 1960s in a number of neighborhoods. Rent control is an example of:

Minimum pricing
Price ceilings
Collective bargaining
Demand inelasticity

Explanation

Answer - B - Rent control is an example of a price ceiling.

Key Takeaway: Price ceilings are measures instituted by governments to set maximum prices on goods. Rent control is an example of a price ceiling to make rent affordable to low income and marginalized individuals.

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CLEP Microeconomics Exam Prep

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CLEP Microeconomics Exam Prep

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