In the market for apartment housing, the quantity of available apartments is observed to be less than the number of renters who are willing and able to pay the market price of an apartment. In this scenario, the market is said to be _. (1 point)
O in equilibrium because there is a shortage of apartments on the market
• in equilibrium because there is a surplus of apartments on the market
• in disequilibrium because there is a surplus of apartments on the market
• in disequilibrium because there is a shortage of apartments on the market