Answer each question with at least 250 words, 2 in text citations and 2 reverences with page numbers.

1.A residential building in New York City contains 15 luxury-appointed lofts in a highly desirable location. How do “rent ceilings” affect the property owner (supply) and potential tenants (demand)? Which has the greater effect on the overall economy? Why?

2.Does the shifting of the demand curve to the right or the shifting of the supply curve to the left have the greater long-range economic effect? Why? Are these shifts more significant than shifts along the curves? Why or why not?