Suppose that a binding rent control law is repealed in San Francisco. As a result, we would expect the total number of units rented in the city to
a. increase
b. decrease.
c. remain unchanged.
d. decrease, then increase.
a
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The imposition of a per-unit tax on polluting firms will result in the socially efficient level of production only if the tax equals:
a. the marginal social cost plus the marginal private cost. b. the marginal social cost plus the marginal external cost. c. the marginal social cost minus the marginal private cost. d. the average total cost minus the average variable cost.
Consumer surplus is the difference between what the producer actually receives for a good and what the producer is willing to receive
a. True b. False Indicate whether the statement is true or false
In the basic competitive model of labor markets, we assume that
A. all compensation is monetary and there are some fringe benefits included. B. firms have discretion over the wages they pay to their employees. C. all compensation is monetary and there are no fringe benefits. D. market wage rates are not costlessly observable.
A share of stock is
A) a claim on the assets of the corporation that gives the purchaser an ownership right in the corporation. B) the share of profits distributed to stockholders. C) a promise to pay for the use of someone else's money. D) a promise to loan money to someone. E) a and b