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

Option A is correct because in the market there are plenty of customers who are willing and able to pay the rent equivalent to the market price. That means the price payment factor for the rent is at equilibrium butt here is shortage of appartments for the rent.

Reasons for incorrect options:

Option B is incorrect because the market cannot be said to be at disequilibrium becuase the renters are willing and able to pay the actual amrket price for the appartments.

Option C is incorrect because there is shortage of apartments in the market.

Option D is incorrect becuase the market is at euilibiruim and there is no surplus of apartments.

anthougo anthougo · Answer 2 · 2021-09-21T14:45:10+02:00

The market for apartment housing is said to be B. in disequilibrium because there is a shortage of apartments on the market.

Disequilibrium arises in the housing market when there is no balance between the quantity supplied and the quantity demanded by renters of houses.

With the observed shortage of housing units, despite the willingness of renters to pay the market price, there is no equilibrium.

Thus, disequilibrium correctly describes the scenario of the market.

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