Municipalities that have adopted the policy of "rent control" typically set the rentals on certain apartments well below equilibrium. As a result,
A) landlords have a difficult time finding tenants.
B) prospective tenants have a difficult time finding available apartments.
C) there is a surplus of apartments.
D) All of the above.
B
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As the total quantity of land is fixed the payment for land is termed as economic rent
a. True b. False Indicate whether the statement is true or false
Alpha can produce either 18 tons of oranges or 9 tons of apples in a year, while Omega can produce either 16 tons of oranges or 4 tons of apples. If the terms of trade are established as 1 ton of apples for 2 tons of oranges: a. there are no incentives for Omega to engage in international specialization and trade of apples and oranges. b. it is in the interest of Omega to grow oranges and trade
for apples. c. it is in the interest of both countries to specialize and trade with one another. d. there are no incentives for Alpha to specialize and trade with Omega.
How do prices in monopolistically competitive firms compare to those in perfect competition?
What will be an ideal response?
When firms compete with each other rather than cooperate:
A. consumers will end up better off. B. the firms will end up better off. C. prices will be higher. D. output will be lower.