Problems 23-27 are based on the following hypothetical demand and supply curves for apartments. Rent/Month ($) Number of Apts. Number of Apts. Demanded/Month Supplied/Month 0 120,000 0 200 100,000 20,000 400 80,000 40,000 600 60,000 60,000 800 40,000 80,000 1,000 20,000 100,000 1,200 0 120,000 23. Draw the demand and supply curves for apartments. 24. What is the equilibrium rent per month? At this rent, what is the number of apartments demanded and supplied per month? 25. Suppose a ceiling on rents is set at $400 per month. Characterize the situation that results from this policy. 26. At the rent ceiling, how many apartments are demanded? How many are supplied? 27. How much are people willing to pay for the number of apartments supplied at the ceiling? Describe the arrangements to which this situation might lead