PART I - Chapter 1

At a rental rate of $900, the demand for apartments would be 160 ( 8(9) = 88, or 880,000 units, which is 240,000 fewer apartments than the original free-market equilibrium number of 1,120,000. Therefore, no new apartments would be constructed. 7. In 1998, Americans smoked 470 billion cigarettes, or 23.5 billion packs of cigarettes. ................
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