Which of the following is NOT a function of rental prices?
A. to allocate existing scarce housing among different people
B. to ration the existing housing stock
C. to provide housing to individuals below market value
D. to stimulate the construction of new housing
Answer: C
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In which of the following statements are the terms "demand" and "quantity demanded" used correctly?
A. When the price of ice cream rose, the demand for both ice cream and ice cream toppings fell. B. When the price of ice cream rose, the quantity demanded of ice cream fell, and the demand for ice cream toppings fell. C. When the price of ice cream rose, the demand for ice cream fell, and the quantity demanded of ice cream toppings fell. D. None of these statements use the terms correctly.
Radon Research Corporation (RRC) is one of 24 firms in Albuquerque testing homes for dangerous levels of radon gas. There is a standard test that all testing companies use. The manager of RRC wants to know the number of homes to test in 2015 in order to maximize the firm's profit. The manager forecasted a price of $160 for radon tests in 2015. The firm's marginal cost was estimated asSMC = 200 ? 15Q + 0.8Q2where Q is the number of tests performed each week. RRC's fixed cost will be $250 per week. How many radon tests per week should be undertaken?
A. 16.8 B. 15.5 C. 12.5 D. 20 E. 17.3
The demonstration effect suggests that people will save less when they
A. recognize that the real interest rate has increased. B. base their saving decisions on their projections of income and spending needs over their lifetime. C. base their spending decisions (and consequently their saving decisions) on spending decisions of others who spend more than they do. D. control their spending in order to save more when the real interest rate increases.
Explain why it was necessary to pass the Clayton Act when the Sherman Act had already addressed the antitrust issue.
What will be an ideal response?