The law of one price works well for heavily traded commodities, either at a point in time or for changes over time.
Answer the following statement true (T) or false (F)
True
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In the above figure, if the market is unregulated, the equilibrium quantity is
A) 0 units. B) 70 units. C) 80 units. D) 100 units.
A person goes to college to become an engineer. This is an example of an
A) investment in physical capital. B) investment in human capital. C) increase in entrepreneurship. D) increase in labor.
Inside information
A) applies to proprietorships only. B) applies to proprietorships and partnerships only. C) applies to corporations only. D) applies to all forms of business.
Economists generally recognize that rent controls cause shortages in housing, yet rent controls tend to persist. Why does this occur?
a. Many people do not understand the effects that controls cause. b. Property owners are politically unpopular. c. Many persons tend to benefit from rent controls. d. All of the above are correct.