Suppose that the average monthly rent for apartments is $1,200. At this price, how many apartments will be rented in this market? _____apartments b. Is the market currently in equilibrium, experiencing a shortage, or experiencing a surplus?

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Q: Could you help me answer question 2, thank u.

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A: Question 1's solution is given below

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A: Hi! Thank you for the question As per the honor code, We’ll answer the first question (question 9…

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