Microeconomic course

700 600 500 .b. O 0 Rent (dollars per month) 300 __ .......... 200 100 0 10 20 3O 40 50 60 70 80 90100 Quantity (thousands of apartments per month) The diagram above illustrates the market for apartments in Victoria, British Columbia. If the current rent is $300 per month, is there a shortage or surplus in the apartment market and how much is the shortage or surplus