Answer
a.
Equilibrium quantity : 20,000
Equilibrium price = $\$ 1000$
b.
$\$ 1000\quad...\quad 20,000\quad...\quad 20,000$
Work Step by Step
Find x and p when Demand = Supply:
$\left\{\begin{array}{l}
p=-50x +2000\\
p=50x
\end{array}\right. $
Adding the two equations,
$2p=2000\qquad/\div 2$
$p=$1000 (dollars)
Back substitute into $p=50x$,
$1000=50x\qquad/\div 50$
$x=20$ (thousands)
Equilibrium quantity : 20,000
Equilibrium price = $\$ 1000$
b.
When rents are $\underline{\$ 1000}$ per month, consumers will demand $\underline{20,000}$ apartments and suppliers will offer $\underline{20,000}$ apartments for rent
