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Answer :
Based on the graph, at a price of $520 (equilibrium price), property owners are willing to rent out 25 apartments. So the answer is C. 25.
In economics, the equilibrium price is the price point where supply and demand intersect. At this price point, there is no excess supply or demand. The quantity supplied (by property owners) is equal to the quantity demanded (by renters).
So, Imagine a scenario where the price of apartments is too high. In this case, property owners might be willing to rent out a lot of apartments, but renters may not be able or willing to pay that high price, resulting in a surplus of apartments – property owners would struggle to find renters for all their available units.
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