Which of the following is a likely outcome of rent ceilings?
A) a surplus of rent-controlled housing
B) waiting lists of potential renters of rent-controlled housing
C) construction of more rental housing
D) black market rents below the ceiling rent
B
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The range in which a duopoly's output falls is less than or equal to the output level in ________ and more than or equal to the output level in ________
A) monopolistic competition; monopoly B) monopolistic competition; perfect competition C) perfect competition; monopoly D) monopoly; monopolistic competition E) monopoly; perfect competition
Refer to the figure above. If the monopolist faces a constant marginal cost of $10, what is the optimal quantity that it should produce?
A) 20 units B) 30 units C) 40 units D) 80 units
The four-firm concentration ratio for an industry is
A. the number of firms in the industry, divided by four. B. the share of industry output sold by the four largest firms in the industry. C. the percentage of total industry profits claimed by the four largest firms. D. the share of industry output sold by the fourth largest firm in the industry.
The theory of efficiency wages explains why
a. setting wages at the equilibrium level may increase unemployment. b. it may be in the best interest of firms to offer wages that are above the equilibrium level. c. the most efficient way to pay workers is to pay them according to their skills. d. it is efficient for firms to set wages at the equilibrium level.