Answer
Equilibrium price = $2000
Equilibrium quantity = 12,500
Work Step by Step
Check the table for the quantity where apartments demanded = apartments supplied, which is at quantity 12,500.
Economics: Principles, Problems, and Policies, 19th Edition
by McConnell, Campbell R.; Brue, Stanley L.; Flynn, Sean M.
Published by
McGraw-Hill Education
ISBN 10:
0073511447
ISBN 13:
978-0-07351-144-3
Chapter 3 - Demand, Supply, and Market Equilibrium - Problems - Page 68: 7a
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