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Macmillan Learning Equilibrium: End of Chapter Problem If the price of a one-bedroom apartment in Washington, D.C., 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? Rent for apartments (per month) $1,100 Supply of apartments 100,000 Demand for apartments Quantity of apartments There is a of apartments. We would expect rents to because there are renters who are unwilling . to pay more than $1,000 for an apartment