If a rent ceiling is set below the equilibrium price, thus creating a ________, housing may be allocated by increasing search activity or creating a ________
A) shortage; black market
B) shortage; free market
C) surplus; black market
D) surplus; open market
E) surplus; free market
A
You might also like to view...
The opportunity cost of holding excess reserves is equal to
A) the federal funds rate. B) the federal funds rate minus the discount rate. C) the discount rate. D) none of the above.
Carolyn's Pottery Shop produces vases that sell for $15 each. Assume that labor is the only input that varies for the firm. If Carolyn hires 10 workers, she can produce and sell 500 vases per week. If she hires 11 workers, she can produce and sell 560 vases per week. Carolyn pays each of her workers $400 per week. Which of the following is correct?
a. For the 11th worker, the marginal profit is $500. b. For the 11th worker, the marginal revenue product is $500. c. The firm is maximizing its profit. d. If the firm is employing 11 workers, then its profit would increase if it cut back to 10 workers.
Which of the following statements is true?
A. Approximately 25 percent of Americans live in poverty. B. American poverty is less severe than global poverty. C. American poverty is defined by homelessness and malnutrition. D. American poverty standards are below world poverty standards.
Which would be considered an investment according to economists?
a. The purchase of newly-issued shares of stock in Microsoft b. The sale of government bonds by the nation's central bank c. The construction of a new computer chip factory by Intel d. The purchase of shares of stock by Fidelity, a mutual fund company