Demand for Single Occupancy Apartments Is Qd = 400,000 -

Multiple Choice

Demand for single occupancy apartments is Qd = 400,000 - 250P. Supply is given by Qs = 200,000 + 250P. Price of an apartment is measured in hundreds of dollars and quantity is measured in thousands of apartments. What is equilibrium rent and quantity of apartments rented?

A) $400 and 300,000 apartments, respectively
B) $800 and 200,000 apartments, respectively
C) $800 and 400,000 apartments, respectively
D) $1,200 and 500,000 apartments, respectively