Rent control is more prevalent in
A. rural areas.
B. suburbs.
C. the Midwestern U.S.
D. cities.
Answer: D
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When a price support is set above the equilibrium price, producers ________ the quantity supplied and consumers ________ the quantity demanded
A) increase; increase B) increase; decrease C) decrease; increase D) decrease; decrease E) do not change; do not change
How many times is GDP for a particular quarter estimated?
A) once B) twice C) three times D) more than three times
A monopoly sets a market price that is higher than the marginal cost of production. This fact implies that a monopoly's allocation of resources is:
a. unfair. b. inefficient. c. discriminatory. d. excessive.
Suppose that workers immigrate to Minnesota from Canada. Which of the following correctly describes what would happen in the market for labor in Minnesota?
a. The equilibrium wage would increase, as would the quantity of labor. With more workers, the added output from an extra worker is larger. b. The equilibrium wage would decrease, as would the quantity of labor. With fewer workers, the added output from an extra worker is smaller. c. The equilibrium wage would decrease, and the quantity of labor would increase. With more workers, the added output from an extra worker is smaller. d. The equilibrium wage would decrease, and the quantity of labor would increase. With more workers, the added output from an extra worker is larger.