The textbook points out that rent controls have
A) benefited upper-income or existing tenants.
B) had no effect on the market for housing.
C) greatly benefited the homeless.
D) attracted increases in low-income housing.
Answer: A
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Land's End estimates a demand curve for turtleneck sweaters to be: Log Q = .41 + 2.3 Log Y - 3 Log P where Q is quantity, P is price, and Y is a measure on national income. If the marginal cost of imported turtleneck sweaters is $9.00 . The optimal monopoly price would be:
a. P = $13.50 b. P = $26.50 c. P = $27.50 d. P = $34.50 e. P = $56.22
On the graph above, what area represents consumer surplus when the price is $10?
A. A B. B C. C D. A and B E. B and C
If the marginal private cost of running a car is $0.30 a mile and the marginal external cost is $0.10, what is the marginal social cost?
A) $0.20 B) $3.00 C) $0.03 D) $0.40 E) None of the above answers is correct.
An unregulated monopoly finds that its marginal cost exceeds its marginal revenue. In order to increase its profit, the firm will
A) raise its price and decrease its output. B) lower its price and increase its output. C) raise its price and increase its output. D) continue to produce this level of output because any change will lower its profit.