Rent controls generally provide the tenants the most efficient housing choice in the long run and maximize economic welfare.?

The above figure shows the market for steel ingots. If the market is competitive, then

A) the socially optimal quantity of steel is zero. B) the socially optimal quantity of steel of 50 units is produced. C) the socially optimal quantity of steel of 100 units is produced. D) more than the socially optimal quantity of 50 units of steel is produced.

Asymmetric information can cause a market to go out of existence

Indicate whether the statement is true or false

The aggregate supply and aggregate demand model is used to explain:

A. how individual markets affect other markets. B. how entire markets operate, not just each individual seller within a market. C. the market price determined by all buyers and all sellers interacting in a market. D. how output, prices, and employment are tied together in a single economic equilibrium

Producer surplus measures the benefit to sellers from receiving a price above their costs

a. True b. False Indicate whether the statement is true or false