The figure above shows the demand for and supply of rental housing in Smallton. If a rent ceiling is set at $800, what is the rent?
A) $800
B) $600
C) $400
D) None of the above answers is correct.
B
You might also like to view...
The federal government subsidizes higher education
A. less than primary and secondary education. B. more than primary and secondary education. C. about the same as primary and secondary education. D. because it does not subsidize primary and secondary education.
A perfectly inelastic demand schedule:
A. rises upward and to the right but has a constant slope. B. can be represented by a line parallel to the vertical axis. C. cannot be shown on a two-dimensional graph. D. can be represented by a line parallel to the horizontal axis.
A commodity tax increases gains from trade.
a. true b. false
Refer to the information provided in Figure 15.4 below to answer the question(s) that follow. 
Figure 15.4 Refer to Figure 15.4. Assume The Hand Made Shirt Shop has fixed costs of $150 and is a monopolistically competitive firm. To maximize profits in the short run, this firm should set a price of
A. $18. B. $22. C. $23. D. $25.