Use the table below to answer the following questions.
Table 6.1.1

-Refer to Table 6.1.1,which gives the demand schedule and the supply schedule for the apartment market in Anytown,Alberta.If a rent ceiling of $300 is imposed in the apartment market,then
A)there is a shortage of 40 apartments.
B)there is a surplus of 40 apartments.
C)the supply of apartments will increase.
D)the supply of apartments will decrease.
E)the quantity of apartments supplied is 60 units.

Question

Use the table below to answer the following questions.
Table 6.1.1
 
-Refer to Table 6.1.1,which gives the demand schedule and the supply schedule for the apartment market in Anytown,Alberta.If a rent ceiling of $300 is imposed in the apartment market,then
A)there is a shortage of 40 apartments. 
B)there is a surplus of 40 apartments. 
C)the supply of apartments will increase. 
D)the supply of apartments will decrease. 
E)the quantity of apartments supplied is 60 units.

Quizplus · Accepted Answer

At the price ceiling of $300, the quantity demanded is 100 and the quantity supplied is only 60. This results in a shortage of 40 apartments.

Use the Table Below to Answer the Following Questions