Which of the following is a possible outcome of setting a legal maximum rental rate below the market clearing rental rate?
A. a surplus of rental housing
B. a decrease in the quantity of rental housing demanded
C. a black market in rental housing
D. an increase in the quantity of rental housing supplied
Answer: C
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The benefit to the firm of hiring another worker is
A) the nominal wage. B) the price level. C) the real wage. D) the extra output produced by the worker. E) measured as the height of the production function.
Higher energy prices in the 1970s reduced labor productivity because
A. the rise in energy prices tended to push firms away from labor-intensive measures and toward more capital-intensive techniques. B. energy and capital are substitute inputs. C. a great deal of investment went into transforming the existing capital stock into more energy-efficient forms. D. labor productivity has been lower when used with more capital-intensive techniques.
Figure 7.6 shows prices, demands, and cost data for the only restaurant in a small town. What is its profit from non-senior customers under the senior discount policy of a $7 senior price and a $10 non-senior price?
A. $1,200 B. $1,500 C. $2,280 D. $2,560
Refer to the information provided in Figure 3.9 below to answer the following question(s).
Figure 3.9Refer to Figure 3.9. Assume there are only two people in the market for coconuts: Sasha and Kyle. Along the market demand curve for coconuts, at a price of ________, quantity demanded would be ________.
A. $14; 8 B. $14; 9 C. $10; 9 D. $10; 10