The deadweight loss from a rent ceiling below the equilibrium rent is smallest when the supply of housing is
A) perfectly elastic.
B) elastic but not perfectly elastic.
C) unit elastic.
D) inelastic but not perfectly inelastic.
E) perfectly inelastic.
E
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Use the following table to answer the next question. The base year is 2007.YearHot DogsBaseballsBottles of Beer?PriceQuantityPriceQuantityPriceQuantity2005$2.50100$2.5050$1.0010020064.001005.001002.0015020075.001005.001002.0020020088.001508.002004.00200200910.0020010.002004.00250Inflation for the year 2008 is
A. 80%. B. 76.5%. C. 71%. D. 50%.
The short run aggregate production function is subject to ________ if capital stock is increased, holding the total efficiency units of labor as constant
A) increasing returns to scale B) constant returns to scale C) decreasing returns to scale D) the Law of Diminishing Marginal Product
Which of the following market structures is characterized by a single firm and huge barriers to entry?
a. Monopolistic competition b. Oligopoly c. Monopoly d. Monopsony e. Perfect competition
When a slice of pizza at the student union sold for $2, Moe did not purchase any. When the price fell to $1.75, Moe purchased a slice each day for lunch. Thus, we can infer that Moe's reservation price for a slice of pizza is:
A. less than $1.75. B. exactly $1.75. C. exactly $2.00. D. at least $1.75 but less than $2.