Use the information on the market for apartments in Bay City in the following table to answer the following questions: Rent Quantity Demanded Quantity Supplied $500 375,000 225,000 600 350,000 250,000 700 325,000 275,000 800 300,000 300,000 900 275,000 325,000 1,000 250,000 350,000 a. In the absence of rent control, what is the equilibrium rent and what is the equilibrium quantity of apartments rented? b. Suppose the government sets a ceiling of $600 per month on rents. What is the quantity of apartments demanded, and what is the quantity of apartments supplied? c. Assume that all landlord abide by the law. Use a demand and supply graph to illustrate the effect of this price ceiling on the market for apartments. Be sure to indicate on your graph each of the following: (i) the area represent consumer surplus after the price ceiling has been imposed, (ii) the area representing producer surplus after the price ceiling has been imposed, and (iii) the area representing the deadweight loss after the price ceiling has been imposed. d. Assume that the quantity of apartments supplied is the same as you determined in (b). But now assume that landlords ignore the law and rent this quantity of apartments for the highest rent they can get. What will this rent be?