Rent controls and usury laws are price _____.
Fill in the blank(s) with the appropriate word(s).
ceilings
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Suppose that the quantity of cars supplied exceeds the quantity of cars demanded. We would expect that
A) the price of cars will increase. B) the price of cars will decrease. C) the supply will increase (supply will shift to the right) to meet the demand. D) the demand will decrease (demand will shift to the left) to meet the supply.
When the rate of cyclical unemployment is zero, the
a. natural rate of unemployment must also be zero. b. rate of frictional unemployment must be negative. c. economy must have entered a recessionary stage. d. economy is considered to be at full employment.
Refer to Figure 6.1. Assume that L1 represents the budget line before a price change. The substitution effect is shown by the movement:
A. from bundle A to bundle C.
B. from bundle A to bundle B.
C. from bundle B to bundle C.
D. from bundle C to bundle B.
In recent years, wireless cellular telephones have been replacing land-line phone service. This is an example of
What will be an ideal response?