An unintended consequence of rent control has been
a. apartment owners failing to properly maintain their buildings
b. a surplus of housing causing rents to fall below maintenance cost
c. that rents have been consistently held above the equilibrium price
d. a shortage of tenants
e. a decrease in the homeless population
A
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If a monopoly engages in first-degree price discrimination:
A) social surplus is maximized. B) consumer surplus is maximized. C) producer surplus is minimized. D) the deadweight loss is maximized.
The intertemporal substitution of leisure effect is used to justify the assumption that current labor supply increases when the
A) current real wage increases. B) current real wage decreases. C) real interest rate increases. D) real interest rate decreases.
Which of the following most closely approximates the conditions of a competitive price-searcher market?
a. the market for Grade A eggs, which is characterized by a large number of firms producing a homogeneous product b. the restaurant industry, which is characterized by firms producing a differentiated product in a market with low entry barriers c. local cable television service, where a licensed supplier competes with firms offering satellite service d. the market for jumbo aircraft, where one major domestic firm competes with one major foreign firm
Which of the following statements is false?
A. Another term for a Treasury bill is a T-bill. B. Treasury notes mature in 2 to 10 years. C. Treasury bonds are considered very safe investments, but Treasury bills are considered to be a more risky investment. D. It is unlikely the federal government will default on its bond obligations.