Which of the following is NOT a characteristic of rent controls?
A. Greater availability of apartments
B. Lower expenditures on maintenance
C. Fewer newly built apartment buildings
D. Excess demand for apartments
Answer: A
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If the price elasticity of demand is -0.8 and the firm decreases price, revenue will
a. Increase b. Decrease c. Stay constant d. become zero, they would lose all their customers
The maximum number of workers hired is
A. 4.
B. 5.
C. 6.
D. 7.
If antitrust legislation is successful, then the monopolistic firm will
A. increase output and charge a higher price than before. B. decrease output and charge a higher price than before. C. decrease output and charge a lower price than before. D. increase output and charge a lower price than before.
If supply increases and demand does not change, then price
a. as well as quantities demanded and supplied will increase b. will decrease, and quantity demanded and supplied will increase c. will decrease, and quantity demanded and supplied will decrease d. and quantity demanded remain unchanged e. remains unchanged, but both quantities demanded and supplied will decrease If supply increases and demand does not change, then price