True, False, or Uncertain
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Decide whether each of the following statements is True, False, or Uncertain, and give a brief but clear explanation why.
a. Due to particularly warm summer in Massachusetts, demand for air conditioners has increased for any given price. The upward-sloping supply curve has stayed unchanged.
Producer surplus will increase.
b. The long-run supply of rental apartments is upward sloping. A rent control policy that lowers rents below the free-market level will result in deadweight loss in the long run.
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