If the government were to intervene and set the rent for apartments in New York City below the market rent, then we would expect, relative to the market outcome,
a. an increase in the number of people wanting to live in apartments in New York City.
b. a decrease in the number of people wanting to live in apartments in New York City.
c. an increase in the number of apartments available for rent in New York City.
d. None of the above is correct.
a
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In order to discover anything about causal relationships in economics we must first have
A) all the relevant data. B) quantified data or statistics. C) scientific evidence. D) some kind of theory of how things fit together. E) the courage and civility to eliminate all biases and preconceptions from our thinking.
The slope of the total production curve becomes:
A. negative when marginal product decreases. B. flatter when marginal product decreases. C. steeper when marginal product decreases. D. None of these is true.
In which of the following ways are buyers and sellers similar in a perfectly competitive market?
a. They are both price setters. b. They are both price takers. c. They both have difficulty entering the market. d. They both have difficulty exiting the market.
A reason why the CPI overstates the cost of living is it
A. only measures the effects of inflation on the poor. B. makes no attempt to update the market basket. C. updates the market basket infrequently, thereby missing the steep price decline in the early adoption period. D. makes no attempt to ascertain what average people buy.