The above figure shows the apartment rental market in Bigtown. If there is a shortage of 200,000 apartments in the Bigtown rental market, it might be because the Bigtown Housing Authority has imposed a rent
A) ceiling of $750.00 monthly.
B) ceiling of $500.00 monthly.
C) floor of $750.00 monthly.
D) floor of $500.00 monthly.
B
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A price maker is a firm that:
A) has the power to affect the price of the product it sells. B) earns economic profits in both the short run and the long run. C) can sell any quantity of its product at the prevailing market price. D) sells its products at a price equal to the marginal cost of production.
The Board of Governors of the Federal Reserve
A) is made up of seven members. B) is a group of advisers reporting to the President. C) is located in New York City. D) members are appointed to four-year terms by the President and confirmed by the Senate. E) all of the above
During an economic downturn, Keynes argued that firms would have ________ to increase spending because ________.
A. no incentive; interest rates would be too high. B. no incentive; they already had enough capacity to meet demand. C. a strong incentive; interest rates would be too high. D. a strong incentive; they wouldn't have enough capacity to meet demand.
Suppose the country of Quasiland experienced a decrease in real GDP and people were laid off from their jobs. The people would be considered part of
A) frictional unemployment. B) structural unemployment. C) cyclical unemployment. D) discouraged workers.