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)

apartments 100,000 Quantity of apartments

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Modern Principles Microeconomics

ISBN: 9781429239998

2nd Edition

Authors: Tyler Cowen, Alex Tabarrok

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Question Posted: Nov 16, 2024 03:00 AM

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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...

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Modern Principles Microeconomics

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