QUESTION 18 $800 $700 $600 5400 Price Ceiling $300 $200 $100 0 10 20 30 40 50 60 70 80 90 20 Apartment Units (in Thousands) Observe the price-control for apartment units in the illustration depicted above. Price is measured in dollars per month and the quantity of apartments is measured in thousands. Consider in this market if landlords were to raise rental price above the Price Ceiling to $700 per month. At the new rental price, what happens to the following questions? Quantity Demanded Quantity Supplied O Quantity Demanded = 10,000 Quantity Supplied = 70,000 O Quantity Demanded = 60,000 Quantity Supplied = 20,000 O Quantity Demanded = 20,000 Quantity Supplied = 60,000 O Quantity Demanded = 40,000 Quantity Supplied = 40,000