The figure below depicts the market for apartments. Label the diagram appropriately with the labels to the right. Demand in the ong run Rent (per month) Demand in the short run Supply in the long run Market rent = $1,500- Supply in the Rent control = $1,000 short run E ong-run shortage 100 120 140 160 180 Quantity (one-bedroom apartments Short-run shortage Part 2 (1 point) In the short run, the price elasticity of demand is equal to -0.63 (use the midpoint method). Part 3' (1 point) In the long run, the price elasticity of demand is equal to -0.33 Y (use the midpoint method)