2. Imagine that the community you live in decides to enact a rent control of $700 per month on every one-bedroom apartment. Using the following table, determine the market price and equilibrium quantity without rent control. How many one-bedroom apartments will be rented after the rent-control law is passed?

Monthly Quantity Quantity rent demanded supplied

$600 700 240

$700 550 320

$800 400 400

$900 250 480

$1,000 100 560

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