select the correct answer. based on this graph, how many apartments are property owners willing to rent out…

select the correct answer. based on this graph, how many apartments are property owners willing to rent out at $520? monthly rent (dollars) 780 price floor 650 equilibrium price 520 price ceiling supply demand 20 25 40 52 58 number of apartments a. 15 b. 20 c. 25 d. 52 e. 58

select the correct answer. based on this graph, how many apartments are property owners willing to rent out at $520? monthly rent (dollars) 780 price floor 650 equilibrium price 520 price ceiling supply demand 20 25 40 52 58 number of apartments a. 15 b. 20 c. 25 d. 52 e. 58

Answer

Explanation:

Step1: Locate price on graph

Locate the price of $520 (price - ceiling) on the vertical - axis.

Step2: Find corresponding supply quantity

Find the point on the supply curve that corresponds to the price of $520 on the vertical - axis. Then, read the quantity of apartments on the horizontal - axis. The supply curve at a price of $520 intersects the horizontal - axis at 20.

Answer:

B. 20