Which of the following is not a result of imposing a rent ceiling?
A) There is a reduction in the quantity of apartments supplied.
B) The marginal benefit of the last apartment rented is greater than the marginal cost of supplying it.
C) There is an increase in the quantity of apartments demanded.
D) Some consumer surplus is converted to producer surplus.
D
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The largest component of the M1 measure of money is
A) currency. B) demand deposits. C) other checking deposits. D) money-market mutual funds.
A rightward shift of the demand curve will lead to an
A) increase in equilibrium price. B) excess demand at the old equilibrium price. C) increase in quantity supplied. D) All of the above.
Which of the following statements about a perfectly competitive market is incorrect?
A. There are many sellers, each supplying a small quantity. B. There are many buyers, each purchasing a small quantity. C. The market sell homogeneous products. D. Buyers and sellers cannot enter exit the market freely.
________ market is characterized by the fact that profit opportunities are eliminated almost instantaneously.
A. An efficient B. A government-controlled C. A command D. An inefficient