Question

In a housing market with no rent ceilings, the equilibrium rent is that for which the quantity of apartments demanded a. is greater than the quantity supplied. b. equals the quantity supplied. c. is less than the quantity supplied. d. might be greater than, equal to, or less than the quantity supplied depending on whether the supply curve is upward sloping, horizontal, or vertical. e. None of the above

Answer 1

The answer is: B) equals the quantity supplied.

Step-by-step explanation:

For all products and services; the equilibrium price is always the price where the quantity supplied of a product or service (in this case apartments offered for rent) is equal to the quantity demanded of that product or service (in this case apartments demanded for rent).