Rent controls often have adverse effects, including
A) too much housing in a community.
B) deterioration in the quality of existing rental units.
C) too much construction of new rental units in the community.
D) income transfers from the poor to landlords.
B
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If the price of a good is $0, a consumer will
a. consume an infinite quantity. b. consume all units with positive marginal utility. c. consume the entire amount supplied. d. consume until total utility becomes 0.
In Perfect Competition in long run equilibrium:
a) The firm is productively efficient. b) The firm is allocatively inefficient. c) The firm is both productively efficient and allocatively efficient. d) The firm is productively inefficient.
In Figure 6.7 with a quantity constraint of Q1, consumer surplus is area:
A. A. B. A + B + C. C. E + F + G. D. B+E+G.
When a firm is awarded a patent, it is given monopoly rights to the production of that product for ________ years.
A. 10 B. 20 C. 30 D. 50