7. Suppose that the demand and supply schedules for rental apartments Page 67 in the city of Gotham are as given in the following table. LO3.6 Monthly Rent Apartments Demanded Apartments Supplied $2,500 10,000 15,000 2,000 12,500 12,500 1,500 15,000 10,000 1,000 17,500 7,500 500 20,000 5,000 a. What is the market equilibrium rental price per month and the market equilibrium number of apartments demanded and supplied? b. If the local government can enforce a rent-control law that sets the maximum monthly rent at S1,500, will there be a surplus or a shortage? Of how many units? How many units will actually be rented each month? c. Suppose that a new government is elected that wants to keep out the poor. It declares that the minimum rent that landlords can charge is $2,500 per month. If the government can enforce that price floor, will there be a surplus or a shortage? Of how many units? And how many units will actually be rented each month?

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