Business, 11.02.2021 17:50, kordejah348

Rent (dollars per month) 700
600
500
400
300
200
100
D
0
10 20 30 40 50 60 70 80 90 100
Quantity (thousands of apartments per month)
16)
a.
16) The diagram above illustrates the market for apartments in Victoria, British Columbia.
If the current rent is $300 per month, is there a shortage or surplus in the apartment
market and how much is the shortage or surplus?
b. What is the equilibrium rent and quantity of apartments?

Answers: 1

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Rent (dollars per month) 700
600
500
400
300
200
100
D