3. Use the following data to answer the questions below: Monthly Rent Apartments Apartments Demanded Supplied $2,500 10,000 15,000 2,000 12,500 12,500 1,500 15,000 10,000 1,000 17,500 7,500 500 20,000 5,000 a. Graph and label the equilibrium rent and number of apartments in this market. b. Suppose a law is passed that specifies rent may not go above $1000 per month, show this in your graph. Is this a price floor or a price ceiling? What would you expect to happen in this market following the passage of this law