Rent seeking involves
A. finding reasonable rent rates.
B. price floors.
C. price ceilings.
D. citizen groups lobbying elected officials to manipulate government policy.
D. citizen groups lobbying elected officials to manipulate government policy.
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The price elasticity of demand for potatoes is estimated to be -1.3, and the quantity demanded of potatoes is 3,000 bushels per week. In this situation, a 4% rise in the price of potatoes would reduce the quantity demanded by
a. 92 bushels per week. b. 120 bushels per week. c. 156 bushels per week. d. 975 bushels per week.
The market demand curve in perfect competition is found by
A) horizontally summing the supply curves of the individual firms in the industry. B) horizontally summing the demand curves of the individual consumers. C) utility maximizing behavior of the "representative consumer." D) the interaction of supply and demand at the individual firm and consumer levels.
According to the table shown, what happened to the cost of living from 2013 to 2014? The cost of living:
A. increased; consumers became worse off than they would have been if the price level had not changed.
B. decreased; consumers became worse off than they would have been if the price level had not changed.
C. increased; consumers became better off than they would have been if the price level had not changed.
D. decreased; consumers became better off than they would have been if the price level had not changed.
How many countries are in the Euro area?
A) 19 B) 27 C) 21 D) 11