Suppose that the demand and supply schedules for
rental apartments are as given in the following table.
Demand and Supply Schedules
Apartments
Apartments
Monthly Rent
Demanded
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
What is the market equilibrium rental price per
month and the market equilibrium number of
apartments demanded and supplied?