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Answer question a b and c according to the directions and data table provided 

Let's analyze the table and the questions.

### Data Table:
| Rent   | Quantity Demanded | Quantity Supplied |
|--------|-------------------|-------------------|
| $2,000 | 5,000             | 23,000            |
| $1,800 | 8,000             | 20,000            |
| $1,600 | 11,000            | 17,000            |
| $1,400 | 14,000            | 14,000            |
| $1,200 | 17,000            | 11,000            |
| $1,000 | 20,000            | 8,000             |

### Question a:
> **Suppose that the average monthly rent for apartments is $1,200. At this price, how many apartments will be rented in this market?**

- **Answer**: At a rent of **$1,200**, the **quantity demanded is 17,000 apartments** and the **quantity supplied is 11,000 apartments**. Therefore, the number of apartments that will be rented is **11,000 apartments**, as the market cannot rent more apartments than the quantity supplied.

### Question b:
> **Is the market currently in equilibrium, experiencing a shortage, or experiencing a surplus?**

- At a rent of **$1,200**, **quantity demanded (17,000)** exceeds **quantity supplied (11,000)**, which means **there is a shortage** in the market.

- **Answer**: The market is experiencing a **shortage**.

### Question c:
> **What will happen to the average rent?**

- Since there is a shortage, the price is likely to increase as demand exceeds supply, putting upward pressure on rent until equilibrium is restored.

- **Answer**: The average rent **will rise**.

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Would you like further explanation on any of these? 

Here are 5 related questions for you:
1. What factors could lead to a decrease in the quantity demanded at a given price?
2. How would rent controls affect the equilibrium price in this market?
3. What happens when the market rent is above the equilibrium rent?
4. If the rent drops to $1,000, what will happen to the market conditions?
5. How might the quantity supplied change if developers build more apartments?

**Tip**: In a competitive market, rent tends to adjust to balance supply and demand, moving toward equilibrium over time.

Answer question a b and c according to the directions and data table provided.

Analyze supply and demand data for apartment rentals to determine the market equilibrium, identify shortages or surpluses, and predict rent changes. Learn how rent at $1,200 impacts the market with quantity demanded and supplied.

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