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: 7c

Answer

There would be a surplus of 5000 apartments. 10000 apartments would be rented.

Work Step by Step

At the price of 2500, referring to the table given, the apartments supplied exceeds the apartments demanded by 15000-10000=5000, and hence there is a surplus. Although there is 15000 apartments supplied, only 10000 apartments are demanded, hence, only 10000 apartments are rented.
Update this answer!

You can help us out by revising, improving and updating this answer.

Update this answer

After you claim an answer you’ll have 24 hours to send in a draft. An editor will review the submission and either publish your submission or provide feedback.

GradeSaver will pay $15 for your literature essays
GradeSaver will pay $25 for your college application essays
GradeSaver will pay $50 for your graduate school essays – Law, Business, or Medical
GradeSaver will pay $10 for your Community Note contributions
GradeSaver will pay $500 for your Textbook Answer contributions