(Figure: Rent Controls in the Market for Apartments in New York City) Use Figure: Rent Controls in the Market for Apartments in New York City. Without rent controls, the equilibrium quantity of rental units is:
A)2.2 million.
B)1.9 million.
C)2.0 million.
D)2.1 million.

Question

(Figure: Rent Controls in the Market for Apartments in New York City) Use Figure: Rent Controls in the Market for Apartments in New York City. Without rent controls, the equilibrium quantity of rental units is: 
A)2.2 million. 
B)1.9 million. 
C)2.0 million. 
D)2.1 million.

Quizplus · Accepted Answer

Without rent controls, the equilibrium quantity of rental units is the intersection of the supply and demand curves, which occurs at a quantity of approximately 2.0 million rental units, as shown in the figure.