Consider the following data from the market demand and supply for apartments.

The average monthly rent for apartments is currently $1,200. At this price, how many apartments will be rented in this market? Is the market currently in equilibrium, experiencing a shortage, or experiencing a surplus? What do you expect to happen to the average rent? What is the equilibrium rent and quantity in the market?  

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Rent $2,000 $1,800 $1,600 $1,400 $1,200 $1,000 Quantity demanded 5,000 8,000 11,000 14,000 17,000 20,000 Quantity supplied 23,000 20,000 17,000 14,000 11,000 8,000