1.3. If the price of a one-bedroom apartment in Washington, D.C., is currently $1,000 per month, but...
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1.3. If the price of a one-bedroom apartment in Washington, D.C., is currently $1,000 per month, but the supply and demand curves look as follows, then is there a shortage or surplus of apartments?
What would we expect to happen to prices? Why?
Rent for apartments
(per month)
100,000 apartments Quantity of apartments
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