In the above figure, a rent ceiling of $300 per month would
A) not affect the equilibrium quantity.
B) result in a surplus of 7000 units.
C) result in a shortage of 7000 units.
D) result in a shortage of 2000 units.
C
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What is human capital? How do workers acquire human capital, and how does the acquisition of human capital influence total factor productivity and labor productivity?
What will be an ideal response?
Firms in perfectly competitive markets who wish to maximize profits ought to produce:
A. where marginal revenue equals market price. B. as many units as their scale allows. C. at capacity and plan to expand in the long run. D. where total profit is the greatest.
After initial success, the OPEC cartel saw the price of oil and the revenues of its members decline due, in part, to
a. the low elasticity of demand for oil in the short run. b. the large number of buyers from each member nation. c. surging demand for oil in the early 1980s. d. OPEC members failing to produce their agreed-upon production levels.
If a larger percentage of Americans attended college, the wage premium would probably
A. continue rising. B. continue falling. C. rise. D. fall.