Suppose that the demand and supply schedules for rental apartments in the city of Gotham are as given in the following table. Apartments Demanded Apartments Supplied 15,000 12,500 10,000 7,500 5,000...

Extracted text: Suppose that the demand and supply schedules for rental apartments in the city of Gotham are as given in the following table. Apartments Demanded Apartments Supplied 15,000 12,500 10,000 7,500 5,000 Monthly Rent $2,500 2,000 10,000 12,500 15,000 1,500 1,000 500 17,500 20,000 Instructions: Enter your answers as a whole number. a. What is the market equilibrium rental price per month and the market equilibrium number of apartments demanded and supplied? Market equilibrium rental price = $ Market equilibrium quantity = apartments b. If the local government can enforce a rent-control law that sets the maximum monthly rent at $1,500, will there be a surplus or a shortage? (Click to select) ♥ Of how many units? apartments per month How many units will actually be rented each month? apartments c. Suppose that a new government is elected that wants to keep out the poor. It declares that the minimum rent that landlords can charge is $2,500 per month. If the government can enforce that price floor, will there be a surplus or a shortage? (Click to select) V Of how many units? apartments per month And how many units will actually be rented each month? apartments