When rent controls establish a legal maximum rental rate below the equilibrium rental rate
A) quantity demanded exceeds quantity supplied.
B) quantity supplied exceeds quantity demanded.
C) demand exceeds supply.
D) supply exceeds demand.
A
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The section of the marginal cost curve that lies above the average variable cost curve is
A) a perfectly competitive firm's supply curve. B) a perfectly competitive firm's average total cost curve. C) a perfectly competitive firm's total fixed costs curve. D) irrelevant to the firm because it never produces at any point along this curve.
If a perfectly competitive industry is in long-run equilibrium, then
A) price equals average cost. B) price is greater than average cost and equal to marginal cost. C) all firms earn the same accounting profits. D) marginal cost is less than average cost.
According to the theory of rational expectations, the economy always remains at the natural rate of unemployment, irrespective of policy changes
a. True b. False Indicate whether the statement is true or false
In the graph above, a government imposed price of $35 represents a price _____ and there is a _____.
A. floor; surplus
B. floor; shortage
C. ceiling; surplus
D. ceiling; shortage