Suppose that the maximum price for rent in New York City is set above the equilibrium price. Which of the following statements is incorrect?
A. It reduces the quantity supplied.
B. It increases the quantity demanded.
C. Consumers want to buy more than producers want to sell.
D. All of these are incorrect.
Answer: D
You might also like to view...
A fall in autonomous investment will shift the
a. IS curve to the right toward higher interest rates and output. b. LM curve to the right towards lower interest rates and higher output. c. IS curve to the left towards higher interest rates and output. d. None of the above
The slope of a line with rise of five and run of two is positive.
Answer the following statement true (T) or false (F)
The combination of low income elasticity of demand for food and high agricultural productivity leads to the demand for food increasing and the supply of food increasing even more, which has lead to rising prices of food
Indicate whether the statement is true or false
Figure 4-25
Refer to . The tax causes a reduction in consumer surplus that is represented by area
a.
A.
b.
B + C.
c.
D + E.
d.
F.