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Price of 1-bedroom apartments (dollars) 200 100 100 150 200 250 300 350 400 450 500 Quantity of 1-bedroom apartments FIGURE 3-4 Refer to Figure

Price of 1-bedroom apartments (dollars) 200 100 100 150 200 250 300 350 400 450 500 Quantity of 1-bedroom apartments FIGURE 3-4 Refer to Figure 3-4. If the price of 1-bedroom apartments in Collegetown were $700, there would be a of apartments O surplus; 150 O shortage; 150 O surplus; 100 O shortage; 300 O supplus; 300

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