Economics: Principles, Problems, and Policies, 19th Edition

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: 7b

Answer

There would be a shortage of 5000 apartments. 10000 units would be rented each month.

Work Step by Step

If a maximum price is set at 1500, according to the table provided, the apartments demanded would be 15000, and the apartment supplied would be 10000. Since quantity demanded exceeds quantity supplied, there is a shortage of 15000-10000=5000. Only 10000 would be supplied, since the quantity supplied is 10000.
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