Rent controls
a. Is an example of price floors
b. Is an example of price ceilings
c. Destroy wealth by preventing the movement of apartments to higher-valued use.
d. Both b and c
d
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In 1995, the General Agreement on Tariffs and Trade (GATT) was replaced by the World Trade Organization (WTO)
Indicate whether the statement is true or false
The following is not associated with bid-rigging
a. bid-riggers bidding their true value b. "knockout" auctions c. bid rotations d. amnesty to the first conspirator willing to testify against fellow conspirators
The period of 1973 to 1980 can best be described as a time of
A. deflation. B. reflation. C. unflation. D. stagflation. E. disflation.
If you advertise and your rival advertises, you each will earn $4 million in profits. If neither of you advertises, you will each earn $10 million in profits. However, if one of you advertises and the other does not, the firm that advertises will earn $1 million and the non-advertising firm will earn $5 million. Which of the following is true?
A. A dominant strategy for firm A is to advertise. B. A Nash equilibrium is for both firms to advertise. C. A dominant strategy for firm B is to advertise. D. None of the answers is correct.