Which of the following examples would be least likely to happen in a rent-controlled apartment?
a. The repair of a tile floor would be delayed for months.
b. The tenants would be reluctant to move.
c. A new toilet would be installed.
d. The walls would require repainting.
c. A new toilet would be installed.
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Refer to Figure 9-1. Suppose the government allows imports of leather footwear into the United States. The market price falls to $18. What is the value of consumer surplus?
A) $0 B) $270 C) $305 D) $320
The aggregate demand curve of an economy: a. is downward sloping. b. first declines and then becomes positively sloped. c. is horizontal
d. is vertical. e. first rises and then becomes negatively sloped.
If a firm adopts a labor-augmenting piece of technology, it will:
A. increase the marginal product of labor. B. decrease the marginal product of labor. C. decrease the marginal supply of labor. D. increase the marginal supply of labor.
Short-run costs that depend on the level of output are
A) total fixed cost only. B) total variable costs only. C) total costs only. D) both total variable costs and total costs.