Extract A (line 12) states that 'Over the past decade, average residential rents in major metropolitan areas have risen significantly faster than average tenant salaries.'
Explain two possible reasons, other than changes in tenant salaries, for the rise in residential rents in major metropolitan areas over the period shown.
256 exam-style questions on AQA A Level Economics 1.3 Price determination in a competitive market, covering 1.3.1 The determinants of the demand for goods and services, 1.3.2 Price, income and cross elasticities of demand, 1.3.3 The determinants of the supply of goods and services, 1.3.4 Price elasticity of supply, 1.3.5 The determination of equilibrium market prices, and 1.3.6 The interrelationship between markets. Each one has a worked solution and a mark scheme showing where the marks go.