Municipalities that have adopted the policy of "rent control" typically set the rentals on certain apartments well below equilibrium. As a result,
A) landlords have a difficult time finding tenants.
B) prospective tenants have a difficult time finding available apartments.
C) there is a surplus of apartments.
D) All of the above.
B
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Even if production of a good is characterized by economies of scale, consumers of the good would be best served by having a large number of small firms produce the good because of the effects of increased competition
Indicate whether the statement is true or false
If the price of orange juice rises 10%, and as a result the quantity demanded falls by 8%, the price elasticity of demand for orange juice is
A) -1.25. B) inelastic. C) Both A and B above. D) Neither A nor B above.
Refer to the graph shown. If expected inflation increases from 0 percent to 6 percent, the:
A. economy will move from point B to point C. B. short-run Phillips curve will shift from PC2 to PC1. C. short-run Phillips curve will shift from PC1 to PC2. D. economy will move from point C to point A.
Falling output, in the short run, could be due to:
A. an increase in short-run aggregate supply. B. a reduction in aggregate demand. C. an increase in long-run aggregate supply. D. an increase in aggregate demand.