New York City has been experiencing a housing emergency for a long time. Apartments are difficult to come by. In fact, the vacancy rate has been below 5 percent since World War II. Most recently (2018), the rental vacancy rate was at 3.63 percent that is much lower than the national vacancy rate, which was last recorded at an average of 6.9 percent. The vacancy rate is as low as 2.71 percent in some boroughs such as the Bronx. The most likely cause of the housing emergency is: A) a price floor on rent higher than equilibrium price. B) a price ceiling on rent lower than equilibrium price. C) too high incomes in New York City. D) a lack of a rationing mechanism to distribute existing apartments.

The business cycle is the periodic but irregular up-and-down movement in economic activity, measured by fluctuations in real gross domestic product (gdp) and other macroeconomic variables. a business cycle is typically characterized by four phases—recession, recovery, growth, and decline—that repeat themselves over time. economists note, however, that complete business cycles vary in length. the duration of business cycles can be anywhere from about two to twelve years, with most cycles averaging six years in length. some business analysts use the business cycle model and terminology to study and explain fluctuations in business inventory and other individual elements of corporate operations. but the term "business cycle" is still primarily associated with larger (industry-wide, regional, national, or even international) business trends.