monthly rent apartments demanded apartments supplied
$2500 10,000 15,000
2000 12,500 12,500
1500 15,000 10,000
1000 17,500 7500
500 20,000 5000
If the local government can enforce a rent control law that sets the maximum monthly rent at $1500, will there be a surplus or a shortage, of how many units? and how many units will actually be rented each month?