The above figure shows the apartment market in Big City. A rent ceiling of $1400 per month would
A) create a black market.
B) increase search activity.
C) not affect the market.
D) create a surplus of apartments.
C
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Firms entering a perfectly competitive industry will cause the price of the product to
A. fall. B. rise. C. remain constant. D. become more responsive to consumer demand.
An aggregate production function, when shown on a graph,
a. is linear and slopes upward b. is linear and slopes downward c. is horizontal d. is vertical e. slopes upward, and flattens out as more labor is used
The employment/population ratio _____ between 1980 and 2000, but this ratio has _______ since 2000 . (fill in the blanks)
a. fell; risen b. was virtually constant; risen c. rose; been virtually constant d. rose; fallen
A concentration ratio
a. measures the percentage of total sales of the top firm in the industry. b. reflects the level of competition in an industry. c. is inversely related to the price charged by the top firm in the industry. d. All of the above are correct.