The effects of rent control in the long run include lower rents and lower-quality housing
a. True
b. False
Indicate whether the statement is true or false
True
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Which of the following statements is true?
A) A monopolist's product often has close substitutes. B) Firms under perfect competition produce differentiated products. C) Firms under monopolistic competition produce identical products. D) Firms under oligopoly produce either identical or differentiated products.
The Federal Reserve econometric model estimates that a 1 percent increase in government spending, with the money supply held constant, will
A) increase real GDP by 1 percent per year for two years. B) increase real GDP by 2 percent per year for two years. C) decrease real GDP by 1 percent per year for two years. D) have no effect on real GDP.
For an impure consumption good the maximum output is determined where_____
a. price equals marginal cost b. marginal cost equals the vertical summation of all individual demand curves c. price equals long run average total cost d. marginal cost equals the horizontal summation of all individual demand curves
The marginal revenue curve of a monopolist is
A. downward sloping and below the demand curve. B. downsloping and identical to the demand curve. C. horizontal and same as the market demand curve. D. downsloping and above the demand curve.