-The graph shows the market for holiday condos in West Palm Beach.The equilibrium rent is ________ a week.
A) any amount less than $1,550
B) any amount greater than $1,550
C) $1,550
D) $4,000
E) None of the above answers is correct.

Question

-The graph shows the market for holiday condos in West Palm Beach.The equilibrium rent is ________ a week.
A) any amount less than $1,550 
B) any amount greater than $1,550 
C) $1,550 
D) $4,000 
E) None of the above answers is correct.

Quizplus · Accepted Answer

The equilibrium rent is the price at which the quantity of holiday condos supplied equals the quantity demanded. This is typically represented on a graph where the supply and demand curves intersect. The given price of $1,550 is where this equilibrium occurs, assuming the graph shows this intersection at that price point.

-The Graph Shows the Market for Holiday Condos in West