Rent (dollars per month) The graph shows the rental market for apartments in Day
ID: 1131351 • Letter: R
Question
Rent (dollars per month) The graph shows the rental market for apartments in Dayton, Ohio What is the rent and how many apartments are rented in Dayion, Ohio? The rent is a month and apartments are rented > Remember that the quantity given on the -axs is in thousands of apartments a month and If a rent ceiling of $1,000 a month is set, the rent is apartments a month are rentied. 18 Quantity (housands of apartments) 5/18 9pm 15/18 59pm 1/1518 1 59pm 01/15/18 11 59pm Enter your answer in each of the answer boxes 11 50pm ASSESS Chaptel 1901 ASSESS Chapter 20 Qu v 2018 Prt So by" F1I F12 Lock Break F10 F9 F8 FsExplanation / Answer
The rent is $ 800 a month and 6000 apartments are rented. (Equilibrium where demand = supply)
Rent ceiling (maximum rent) = $ 1000
This would be non-binding in nature and the equilibrium rent would remain the same i.e. $ 800 a month and 6000 apartments a month are rented.