Consider the following data from the market demand and supply for apartments.

Rent Quantity demanded Quantity supplied

$2,000 5,000 23,000

$1,800 8,000 20,000

$1,600 11,000 17,000

$1,400 14,000 14,000

$1,200 17,000 11,000

$1,000 20,000 8,000 The average monthly rent for apartments is currently

$1,200. At this price, how many apartments will be rented in this market? Is the market currently in equilibrium, experiencing a shortage, or experiencing a surplus? What do you expect to happen to the average rent? What is the equilibrium rent and quantity in the market?