Questions: A price ceiling on apartment rent prices is set at 2,000 per month. Which one of the following statements is correct? A 100 apartments are rented at 1,500 each. B 150 apartments are rented at 1,500 each. C 200 apartments are rented at 1,000 each.

A price ceiling on apartment rent prices is set at 2,000 per month. Which one of the following statements is correct? A 100 apartments are rented at 1,500 each. B 150 apartments are rented at 1,500 each. C 200 apartments are rented at 1,000 each.
Transcript text: A price ceiling on apartment rent prices is set at $\$ 2,000$ per month. Which one of the following statements is correct? ] Spreadsheet A 100 apartments are rented at $\$ 1,500$ each. B 150 apartments are rented at $\$ 1,500$ each. C 200 apartments are rented at $\$ 1,000$ each.
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Solution

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Solution Steps

Step 1: Identify the Price Ceiling

The price ceiling is set at $2,000 per month.

Step 2: Convert Price Ceiling to Graph Units

Convert the price ceiling to the units used in the graph. Since the graph uses hundreds of dollars, $2,000 per month is equivalent to 20 (since 2000/100 = 20).

Step 3: Determine the Quantity at the Price Ceiling

Locate the price ceiling (20) on the vertical axis of the graph. Find the corresponding quantity on the horizontal axis where the price ceiling intersects the demand curve (D). This intersection occurs at 150 units.

Final Answer

B. 150 apartments are rented at $1,500 each.

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