Rent (per apartment per month) $1,400 1,300 1,200 1,100 1,000 900 800 700 600 Quantity Demanded (millions of apartments) 1.6 1.7 1.8 1.9 2.0 2.1 2.2 2.3 2.4 Quantity Supplied (millions of apartments) 2.4 2.3 2.2 2.1 2.0 1.9 1.8 1.7 1.6 Look at the table above. If a price ceiling of $700 is imposed on this housing market, the result will be an inefficiency in the form of a million apartments.

Look at the table above. If a price ceiling of $700 is imposed on this housing market, the result will be an inefficiency in the form of a million apartments