If the market equilibrium rent for apartments is Rs500 per month, but the government sets a rent ceiling at Rs250, which of the following outcomes is least likely to happen?

Show Answers

There could be long queues of tenants waiting to rent apartmentsLandlords might choose tenants based on personal preferencesLandlords may receive unofficial payments to lease apartmentsThere will be an accumulation of vacant housing unitsThe overall condition and upkeep of apartments will get better

Explanation

When rent controls are imposed below the equilibrium price, it typically leads to shortages, causing long waiting lines, discrimination by landlords, and possible bribery to secure apartments. It may also result in fewer vacant units as demand exceeds supply. However, the quality of apartments usually declines because landlords have less incentive to maintain their properties under rent ceilings.