Which of the following is NOT a potential impact of a rent ceiling set below the equilibrium rent?
A) a surplus
B) an increase in search
C) a deadweight loss
D) None of the above because they are all impacts of a rent ceiling set below the equilibrium rent.
A
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Markets exist
A) because each person specializes in the production of many products. B) because people are self-sufficient. C) as an arrangement where buyers do not interact with sellers. D) so people can buy and sell things.
The cost of a one-unit increase in an activity
A) is called the total one-unit cost. B) is called the marginal cost. C) decreases as more of the activity is done. D) is called the marginal benefit/cost. E) is called the unit cost.
Which of the following is an interest rate determined by the supply and demand for loans among commercial banks?
A) The discount rate B) The federal funds rate C) The prime rate D) The commercial paper rate
Suppose two goods are perfect substitutes. The price elasticity of demand of one of the goods is
A) 0. B) 1. C) 1000. D) infinity.