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In the market for apartment housing, the quantity of available apartments is observed to be less than the number of renters who are willing and able to pay the market price of an apartment. In this scenario, the market is said to be _____.(1 point)
In the market for apartment housing, the quantity of available apartments is observed to be less than the number of renters who are willing and able to pay the market price of an apartment. In this scenario, the market is said to be _____.(1 point)A in equilibrium because there is a shortage of apartments on the market
B in disequilibrium because there is a shortage of apartments on the market
C in equilibrium because there is a surplus of apartments on the market
D in disequilibrium because there is a surplus of apartments on the market
The market for apartment housing is said to beB. indisequilibriumbecause there is a shortage of apartments on the market.Disequilibriumarises in the housing market when there is no balance between thequantity suppliedand thequantity demandedby renters of houses.With the observedshortageof housing units, despite the willingness of renters to pay the market price, there is noequilibrium.Thus,disequilibriumcorrectly describes the scenario of the market.Read more about market equilibrium and disequilibrium atbrainly.com/question/23991618...
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