The above figure shows a housing market with a rent ceiling equal to $1,000. In this figure, what area is equal to the producer surplus?
A) area A
B) area B
C) area C
D) area D
E) area E
D
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What are the key differences among public production, private subsidies, and vouchers?
What will be an ideal response?
Which of the following is always a characteristic of the oligopoly market structure?
a. Easy, low-cost entry and exit. b. Few sellers. c. All sellers produce identical products. d. Many sellers, each small in size relative to the overall market.
"He who pays a tax should receive the benefit from the expenditure financed by the tax." This statement reflects which of the following principles for a tax?
A. fairness of contribution B. ability-to-pay C. benefits-received D. efficiency
Within the production possibilities frontier (PPF) framework, choice is depicted by the
What will be an ideal response?