Which of the following is a likely consequence of a price ceiling that fixes the price of rental housing below the market equilibrium?
a. It will be difficult to find housing for rent.
b. More new apartments will be built.
c. Some rental apartments will be converted into offices or sold for other uses rather than be rented.
d. All of the above are true.
e. Both a and c are correct.
e. Both a and c are correct.
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If the price of $1 is 1.67 Swiss francs, the price of a Swiss franc is
A) $0.33. B) $1.67. C) $2.00. D) $0.67.
The difference between short-run and long-run cost is that in the short run,
a. there are shortages of labor that can restrict output b. only labor can be changed to increase or decrease production c. fixed factors of production have already been chosen d. the market-day supply limits the amount by which producers can change production e. all factors of production are variable
A tanning salon offers its clients package pricing of 5 sessions for $35, 10 sessions for $50, 15 sessions for $60, or 20 sessions for $100? Which pricing package has the lowest average cost?
a. 5 sessions for $35 b. 10 sessions for $50 c. 15 sessions for $60 d. 20 sessions for $100
In 1984, the National Minimum Drinking Age Act was passed, raising the legal age to consume alcoholic beverages in the United States to 21. In much of Europe, the legal age to consume alcohol is 18. If the legal drinking age in the United States was
changed back to 18, how would this affect the market for alcoholic beverages? What would happen to the equilibrium price and quantity of alcoholic beverages? What will be an ideal response?