1. In the market for apartment housing, the quantity of available apartments is observed to be less than the number of renters who are willing and able to pay the market price of an apartment. In this scenario, the market is said to be -. (1 point) in disequilibrium because there is a shortage of apartments on the market in equilibrium because there is a surplus of apartments on the market in equilibrium because there is a shortage of apartments on the market in disequilibrium because there is a surplus of apartments on the market 2. For a given market, the equilibrium quantity of the good or service will decrease if (1 point) demand increases and supply increases demand increases and supply decreases demand decreases and supply increases demand decreases and supply decreases 3. Use the table to answer the question. Price Quantity Supplied Quantity Demanded The equilibrium price for this market is $10 2,500 (1 point) 1,000 O $40 $20 2,000 2,000 $30 $30 3,000 1,500 $10 $40 4,000 1,000 O $20 4. In a given market, the market equilibrium price and quantity are $120 and 5 million units, respectively. At a price of $100, 4.8 million units are supplied, and 5.2 million units are demanded. It can be said that at a price level of $100 there is a . (1 point) a surplus of 0.4 million units a surplus of 0.2 million units a shortage of 0.2 million units a shortage of 0.4 million units