The MRP is the additional ___________ obtained by using one more unit of input.
Fill in the blank(s) with the appropriate word(s).
revenue
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A rent ceiling set below the equilibrium rent decreases the quantity of housing supplied because
A) landlords of previously barely profitable apartments refuse to rent them. B) the supply of housing increases. C) fewer tenants will search for housing. D) demand for housing will increase. E) the supply curve of housing immediately shifts leftward.
Explain the Law of Demand
What will be an ideal response?
An improvement in school quality translates into an increase in which model parameter?
A) H B) z C) b D) 1-u
Adverse selection in insurance requires that
a. all people face the same risk b. potential customers facing more risk are more interested in purchasing insurance c. people are not risk averse d. insurers can tell higher risk people from lower risk people