A rent ceiling on housing creates a problem of allocating the available housing units because
A) the demand for housing decreases and the demand curve shifts leftward.
B) the supply of housing increases and the supply curve shifts rightward.
C) a shortage of apartments occurs.
D) a surplus of apartments occurs.
E) it eliminates search, which is one of the major ways housing units are allocated.
C
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If the price of milk increased by 5 percent because of an increase in the demand for milk, and the quantity of milk supplied increased by 7 percent
A) the supply curve of milk has shifted rightward. B) the price elasticity of supply of milk is greater than one. C) milk is more of a luxury than a necessity. D) milk is more of a necessity than a luxury.
Market consumer surplus
A) is the area under the demand curve and above market price, up to the quantity actually bought. B) is equal to total market revenue minus cost. C) does not depend on the quantity sold. D) is the area under the market price and above the marginal cost curve.
(Consider This) Children are charged less than adults for admission to professional baseball games but are charged the same prices as adults at the concession stands. Which of the following conditions of price discrimination explains why this occurs?
A. The seller must have some monopoly power; that is, it must be able to set the product price. B. The seller must be able to identify buyers by group characteristics such as age or income. C. Groups must have different elasticities of demand for the product. D. The items can be bought by people in the low-price group and transferred to members of the high-price group.
The bureau of labor statistics announced that in april 2010 of all adult americans 139,455,000 were employed 15,260,000 were unemployed and 82,614,000 were not in the labor force use this information to calculate a-the adult population b-the labor force c-the labor force participation rate d-the unemployment rate
What will be an ideal response?