Interpret the Following Statement: "Demand Exceeds the Available Quantity of Apartment

question 107

Multiple Choice

Interpret the following statement: "Demand exceeds the available quantity of apartment housing.If the price of apartment rentals were increased, demand would decrease and an equilibrium could be achieved."

• A)The statement is correct.
• B)The statement is incorrect because the price should be decreased, not increased, in order to achieve equilibrium.
• C)The statement would be correct if it read "supply would decrease" in response to a price increase.
• D)The statement is incorrect because it confuses "demand" with "quantity demanded."
• E)The statement would be correct only if the terms "demand" and "supply" were interchanged.

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