select the correct answer. based on the graph, what is the difference between the demand of apartments and…
select the correct answer. based on the graph, what is the difference between the demand of apartments and the supply of apartments after the application of rent control? monthly rent (dollars) 600 equilibrium price 420 price ceiling supply demand 15 23 34 number of apartments a. 8 b. 15 c. 19 d. 23 e. 34
Answer
Explanation:
Step1: Identify demand quantity
At the price - ceiling of $420, the quantity demanded is 34 apartments.
Step2: Identify supply quantity
At the price - ceiling of $420, the quantity supplied is 15 apartments.
Step3: Calculate the difference
The difference between demand and supply is $34 - 15$. $34-15 = 19$
Answer:
C. 19