When "rent controls" result in a shortage of housing, landlords
A) use criteria other than price to allocate housing.
B) lower the price to allocate the housing.
C) attempt to attract renters.
D) None of the above.
A
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The prisoners' dilemma is similar to the problem faced by firms in an oligopoly in the United States because
A) mutual interdependence exists, and collusion is illegal in the United States, so the firms cannot legally communicate. B) collusion is legal in the United States, and firms can communicate their pricing decisions to each other. C) failure to cooperate leads to better outcomes than cooperation. D) private prisons are run by oligopolies. E) the firms can communicate, but mutual interdependence exists.
The "lemons" problem is that
a. cars of verifiable high quality are withheld from the used car market b. cars of verifiable low quality are withheld from the used car market c. cars of unverifiable high quality are withheld from the used car market d. cars of unverifiable low quality are withheld from the used car market
Grace just got her first cell phone, an iPhone, for graduation. She tosses her iTouch in a drawer and never touches it again, even though she could easily sell it for $75 on Craigslist. Grace's choice is ___________ because ________________.
A. rational; she weighs the $200 she paid for the iTouch and the $75 she could sell it for now B. irrational; she weighs the $200 she paid for the iTouch and the $75 she could sell it for now C. rational; she would not pay $75 to buy the iTouch today D. irrational; she would not pay $75 to buy the iTouch today
Which statement is true about the graph above?
A. Equilibrium GDP is too big.
B. Equilibrium GDP is too small.
C. Equilibrium GDP is just the right size.
D. There is not enough information to determine whether or not equilibrium GDP is the right size.