Answer :
The correct answer is D. 52 apartments. At $520, supply and demand intersect, indicating the quantity property owners are willing to rent.
To determine how many apartments property owners are willing to rent out at $520, we need to find the intersection point between the supply and demand curves on the graph. This intersection represents the equilibrium price and quantity in the market.
From the graph, we can see that the supply curve intersects the demand curve at a price of $520. At this price point, the number of apartments supplied is 52, and the number of apartments demanded is 52 as well. This is where the two curves meet, indicating the equilibrium price and quantity in the market.
So, the correct answer is D. 52. Property owners are willing to rent out 52 apartments at a price of $520 because that's the quantity at which supply equals demand, and there are no excess apartments (surplus) or unmet demand (shortage) at this price.
In this context, it's important to note that price floors and price ceilings are not relevant to this specific question as they are not mentioned in the graph, and the question is focused on the equilibrium price of $520. Price floors and price ceilings would set a minimum or maximum price that can be charged for apartments, respectively, but they do not affect the equilibrium price.
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