In cities with rent controls, the actual rents paid can be ________ than the legal maximum. One explanation for this is because there is a ________ of apartments, tenants are ________
A) higher; surplus; often forced to pay rents higher than the law allows
B) lower; shortage; rarely willing to pay rents lower than the law allows
C) lower; surplus; never willing to pay rents below the legal maximum
D) higher; shortage; often willing to pay rents higher than the law allows
D
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A production indifference curve is sometimes called “isoquants” since the term implies equal quantities of output.
Answer the following statement true (T) or false (F)
Suppose Montesia, with a per capita GDP of $100,000 . grows at a rate of 3% per year and Argonia, with a per capita GDP of $2,000 . grows at a rate of 8% per year. The gap between the per capita GDPs of Argonia and Montesia will be _____ after 2 years
a. $103,680 b. $25,897 c. $562,320 d. $35,365
Barter is a system of exchange in which people directly trade one good for another, without using money as an intermediate step.
Answer the following statement true (T) or false (F)
The conclusion that oligopoly is inefficient relative to the competitive ideal must be qualified because:
A. industry price leaders often select a price equal to marginal cost. B. over time oligopolistic industries may promote more rapid product development and greater improvement of production techniques than if they were purely competitive. C. increased output due to persuasive advertising may perfectly offset the restriction of output caused by monopoly power. D. many oligopolists sell their products in monopolistically competitive or even purely competitive industries.