Which of the following would likely result as a consequence of rent controls?
A) a reduction in the rate of construction of rental housing units
B) unimproved buildings and apartment complexes
C) limits on tenant mobility
D) All of the above are correct.
Answer: D
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A price-discriminating monopoly is a monopoly that
A) sells its output at a single price to all of its customers. B) sells different units of a good or service at different prices. C) has control over the resources used to produce the product. D) has a license to sell the product. E) illegally charges different customers different prices for the good it produces.
Refer to the scenario above. What is the optimal strategy of each bidder?
A) Each bidder should bid up to his/her maximum willingness to pay for the necklace. B) Each bidder should bid above his/her maximum willingness to pay for the necklace. C) Each bidder should bid up to 9/10 of his/her valuation of the necklace. D) Each bidder should bid up to 4/5 of his/her valuation of the necklace.
In the simplest Keynesian model of the determination of income, interest rates are assumed
A) to be exogenous and to influence desired spending. B) to be endogenous and not to influence desired spending. C) to be endogenous and to influence desired spending. D) to be exogenous and not to influence spending.
Which of the following statements is not correct about a market in equilibrium?
a. The price determines which buyers and which sellers participate in the market. b. Those buyers who value the good more than the price choose to buy the good. c. Those sellers whose costs are less than the price choose to produce and sell the good. d. Consumer surplus will be equal to producer surplus.