Which of the following is not a common effect of imposing a rent control?
a. Discriminatory practices by landlords.
b. More time on waiting lists and searching for housing.
c. A "black market" for rentals.
d. An excess supply of rentals at the controlled price.
d
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If an external benefit is present, then the
A) marginal private benefit curve lies above the marginal private cost curve. B) marginal social benefit curve lies above the marginal private benefit curve. C) marginal social cost curve lies above the marginal private benefit curve. D) marginal social benefit is equal to the marginal social cost. E) marginal social benefit curve is the same as the marginal private benefit curve.
Which of the following is the best example of a firm that competes in a monopolistically competitive market?
A) Microsoft B) the U.S. Postal Service C) an automobile manufacturer D) a movie theater
Compared to monopoly pricing, an optimal two-part tariff
A) equates marginal revenue and average revenue. B) reduces economic efficiency. C) eliminates the deadweight loss. D) increases consumer surplus.
Jake brings his Xbox home over winter break and leaves it there, thinking he will study more in the spring without it around. Jake is:
A. trying to compensate for the time-inconsistency of his desire to study more, but temptation to play video games instead. B. forcing his behavior to match economic theory. C. not acting rationally, since what he really wants is to play games all day. D. demonstrating that he has forgotten the fungibility of money.