The services of real estate brokers are provided in a competitive market. If the state Board of Realtors enacts several requirements that limit the number of real estate brokers, which of the following is most likely to occur?
A) The supply curve of real estate brokers will shift to the left.
B) The supply curve of real estate brokers will shift to the right.
C) Social welfare will remain unchanged.
D) The supply curve will remain unchanged.
A
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If the government keeps the price of bread low through subsidies, and farmers consequently buy bread to feed to their pigs, we can infer that
A) pigs are more valuable than people. B) pork is more valuable than people. C) the farmers find it efficient to feed bread to pigs. D) the market system is not working. E) waste is occurring because marginal benefit is less than marginal cost.
Regulation that keeps the rate of return in the industry competitive is known as
A) rate-of-return regulation. B) cost-of-service regulation. C) social regulation. D) deregulation.
Which of the following payments best exemplifies economic rent?
a. Paige and her roommates sent the landlord a $1,500 payment on the first of every month. b. Miguel let Call Co. place a cell tower on two acres of his bean field in exchange for $45,000 per year. c. Monica made $60,000 a year as a vacation rental agent for a lakefront property company. d. A freelance worker, Wei, bought a $550,000 condo in the city to be closer to his clients.
_____________________ (Microeconomics/Macroeconomics) is the discipline that ezamines the performance and behavior of an economy as a whole.
Fill in the blank(s) with the appropriate word(s).