Under rent control, bribery is a mechanism to
a. bring the total price of an apartment (including the bribe) closer to the equilibrium price.
b. allocate housing to the poorest individuals in the market.
c. force the total price of an apartment (including the bribe) to be less than the market price.
d. allocate housing to the most deserving tenants.
a
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Maurice Allais, Reinhard Selten, and Vernon Smith all were awarded the Nobel Prize in Economics in part because
A) they proved that external economies would lead to market failure. B) of their work on the substitution and income effects of price changes. C) of their work with experimental economics. D) they discovered the first example of a Giffen good.
In the United States, price-fixing arrangements among firms are
a. legal. b. illegal only if a court decides that the prices fixed are unreasonable. c. illegal only if a court has concrete evidence that the firms explicitly colluded. d. illegal.
Which market structure(s) is(are) imperfectly competitive?
In the long-run, higher saving leads to
What will be an ideal response?