Suppose that the demand and supply schedules for rental
apartments in the city of Gotham are as given in the table
below.
Monthly Rent $: 3,000 2,500 2,000 1,500 1,000
Apartments Demanded: 10,000 12,500 15,000 17,500 20,000
Apartments Supplied: 15,000 12,500 10,000 7,500 5,000
a. What is the market equilibrium rental price per month and the
market equilibrium number of apartments demanded and supplied?
Market equilibrium rental price is: _____ (per month). Market
equilibrium quantity is:_____ (apartments).
b. If the...