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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Demand curves for the services of productive resources
A) have no meaning, because people must have income in order to live. B) obey the law of demand. C) tend to be perfectly elastic in the long run because any resource can ultimately function as a substitute for any other. D) tend to be perfectly inelastic in the short run as long as production processes are determined by technology.
A recent medical study shows that peanuts are one of the leading causes of high cholesterol. This would cause the demand for peanuts to
a. Shift to the left b. Shift to the right c. go down the demand curve d. not change
By definition, total production must always equal total
a. sales. b. demand. c. purchases. d. income.
In the short run, unanticipated inflation typically leads to
A. higher rates of unemployment. B. decreases in aggregate demand. C. workers' thinking the real wage has been reduced. D. lower rates of unemployment.