If the price of a one-bedroom apartment in Washington, DC, is currently $1,000 per month, but the

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If the price of a one-bedroom apartment in Washington, DC, is currently $1,000 per month, but the supply and demand curves look as follows, then is there a shortage or surplus of apartments? What would we expect to happen to prices? Why?

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Modern Principles of Economics

ISBN: 978-1429278393

3rd edition

Authors: Tyler Cowen, Alex Tabarrok

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Question Posted: Nov 24, 2015 08:29 AM

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If the price of a one-bedroom apartment in Washington, DC, is currently $1,000 per month, but the

Question:

Rent for apartments (per month) Supply of apartments $1,100 Demand for apartments 100,000 Quantity of apartments

Step by Step Answer:

There is a shortage of apartments We would expect rents to rise as buy...View the full answer

Modern Principles of Economics

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