According to your textbook, rent controls on apartments
A) produce fair outcomes.
B) create problems of their own.
C) tend to promote efficiency.
D) do both B and C.
E) do none of the above.
B
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If Mark tries to purchase a new refrigerator in a perfectly competitive market, then
A) he will have a very limited ability to negotiate over the price. B) he will have only a few sellers available to him. C) he will see large differences in the types of refrigerators sold across sellers. D) he will find himself constantly haggling with sellers over the price. E) None of the above is correct.
Why are electronic transactions increasingly taking the place of paper transactions?
What will be an ideal response?
If a union negotiates a wage above the market equilibrium, each firm's
a. supply of labor is greater than its marginal resource cost b. supply of labor is less than its marginal resource cost c. supply of labor is equal to its marginal resource cost d. demand for labor is less than its marginal resource cost e. demand for labor is greater than its marginal resource cost
Which of the following is true when there is a recessionary gap?
a. Real output exceeds the natural level of real output b. Unemployment exceeds the natural rate of unemployment. c. Employment exceeds full employment. d. All of the above are true when there is a recessionary gap.