Question: Equilibrium: Where Supply Meets Demand Chapter Problem - End of Consider the following data from the market demand and supply for apartments. a. Suppose

Equilibrium: Where Supply Meets Demand Chapter Problem - End of Consider the following data from the market demand and supply for apartments. a. Suppose that the average monthly rent for apartments is $1,200. At this price, how many apartments will be rented in this market? apartments 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 b. Is the market currently in equilibrium, experiencing a shortage, or experiencing a surplus? c. What do you expect to happen to the average rent? d. What is the equilibrium rent and quantity in the market? Equilibrium rent: $ Equilibrium quantity: I Enter numeric value apartments

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