The apartment rental market for an average quality apartment in a neighborhood has the following demand and supply curves:
QD=2000-P, QS=2P-700
Where P is the monthly rent and the quant...
A) Equilibrium price will decrease, and quantity demanded will increase.
B) Equilibrium price will increase, and quantity supplied will decrease.
C) Equilibrium price will decrease, and quantity supplied will increase.
D) Equilibrium price will increase, and quantity demanded will decrease.
