Rent controls create distortions in the housing market by:
A. increasing the supply of housing in the long run.
B. raising property values.
C. encouraging landlords to overspend for maintenance.
D. discouraging new housing construction.
Answer: D
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The firm's overriding objective is to
A) earn a normal profit. B) maximize normal profit. C) maximize economic profit. D) maximize total revenue. E) avoid an economic loss.
An optimal level of output is one at which marginal profit > 0.
Answer the following statement true (T) or false (F)
One of the challenges for development economists working in health care is to figure out a way to:
A. increase the frequency of preventative medicine, such as immunizing children. B. force doctors to practice good medicine. C. have the government get more involved in production of necessary healthcare item. D. mandate through government policy that families must make better health care choices.
The Celler-Kefauver Act ________ the government's authority to ________ vertical and conglomerate mergers.
A. extended; ban B. limited; allow C. limited; ban D. extended; allow