use the table to answer the question. apartment supply and demand schedules price ($) quantity demanded…

use the table to answer the question. apartment supply and demand schedules price ($) quantity demanded (thousands) quantity supplied (thousands) 1,000 600 300 1,500 500 500 2,000 400 700 2,500 300 900 the table gives the supply and demand schedules in a market for apartments. a government price control is implemented that results in a shortage of 300,000 apartments. which price control must have been used? (1 point) a price ceiling of $2,000 a price floor of $1,000 a price floor of $2,000 a price ceiling of $1,000

use the table to answer the question. apartment supply and demand schedules price ($) quantity demanded (thousands) quantity supplied (thousands) 1,000 600 300 1,500 500 500 2,000 400 700 2,500 300 900 the table gives the supply and demand schedules in a market for apartments. a government price control is implemented that results in a shortage of 300,000 apartments. which price control must have been used? (1 point) a price ceiling of $2,000 a price floor of $1,000 a price floor of $2,000 a price ceiling of $1,000

Answer

Answer:

D. a price ceiling of $1,000

Explanation:

Step1: Recall shortage concept

Shortage occurs when quantity demanded > quantity supplied.

Step2: Check each price - point

At $1,000, quantity demanded = 600000 and quantity supplied = 300000. Shortage = 600000 - 300000=300000.

Step3: Analyze price - control types

A price ceiling is a maximum price. A price floor is a minimum price. Since we have a shortage, a price ceiling below the equilibrium price is used. At $1,000, it creates the required 300000 - unit shortage.