12. The following table presents the demand and supply schedules for apartments in a small U.S. city:

Quantity demanded Quantity supplied Monthly rental rate (number of units (number of units (dollars per month) per month) per month)
$300 130,000 35,000 350 115,000 37,000 400 100,000 41,000 450 80,000 45,000 500 72,000 52,000 550 60,000 60,000 600 55,000 70,000 650 48,000 75,000

a. If the monthly rental rate is $600, excess of apartments per month will occur and rental rates can be expected to .

b. If the monthly rental rate is $350, excess of apartments per month will occur and rental rates can be expected to .

c. The equilibrium or market clearing rental rate is $ per month.

d. The equilibrium number of apartments rented is per month.