In cities with rent controls, the actual rents paid can be higher than the legal maximum. One explanation for this is
A) rent control laws are so complicated that landlords and tenants may not be aware of what the legal price is.
B) landlords are allowed to charge more than the legal maximum on some apartments so long as they charge less on others.
C) because there is a shortage of apartments, tenants often are willing to pay rents higher than the law allows.
D) the legal penalty landlords face for charging more than the legal maximum rent is less than the revenue earned by charging their tenants more than the maximum rent.
Answer: C
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All of the following are true for first-degree price discrimination except which one?
A) Consumers pay less for the first units that they purchase. B) In reality, it is impossible to practice. C) Each consumer pays the maximum price they are willing to pay for every unit purchased. D) Consumers receive no consumer surplus.
The leading producer of manufactured goods in 1900 was
a. the United States. b. Germany. c. England. d. Canada.
When the U.S. cuts funding for border patrol, the labor market in California is affected. We would expect the:
A. supply of labor to shift to the left. B. demand for labor to shift to the left. C. demand for labor to shift to the right. D. supply of labor to shift to the right.
Briefly explain why the same job in the United States that is done with robots may be done by hand in a rural African country.
What will be an ideal response?