The AS curve shows the total quantity of goods and services firms produce at any given price level.

Monopoly is characterized by

A) unique products. B) market entry and exit are difficult or impossible. C) non-price competition not necessary. D) All of the above

Suppose that, at a rental rate of $1000 per month, 650 residents wish to rent apartments and that landlords offer 800 apartments available for rent. Which one of the following statements is then TRUE?

A) There is a shortage of 150 apartments. B) There is an excess demand for apartments. C) The market clearing rental price of apartments is too low. D) The market clearing rental price of apartments is less than $1000 per month.