FIGURE 3-4
-Refer to Figure 3-4. If the price of 1-bedroom apartments in Collegetown were $300, there would be a
Of apartments.

Question

Quizplus · Accepted Answer

At a price of $300 for 1-bedroom apartments in Collegetown, the quantity demanded would be 150 apartments (point A on the graph), while the quantity supplied would be only 50 apartments (point B on the graph). Therefore, there would be a shortage of 100 apartments (150 - 50 = 100).

FIGURE 3-4 -Refer to Figure 3-4. If the Price of 1-Bedroom Apartments