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Rent controls force landlords to price apartments below the equilibrium price level. An immediate effect is a shortage (excess demand) of apartments, because the quantity of apartments demanded is greater than the quantity supplied at the regulated price.
When cities prevent landlords from charging market rents, which of the following are common long-run outcomes? Check all that apply.
1. The quality of rental housing units falls.
2. Landlords earn lower profits from renting housing units, but the rent charged has no effect on either the quantity or quality of rental units.
3. Black markets develop.
4. The future supply of rental housing units increases.
If a monopolist increases quantity by one unit, but sells the increased output at a slightly lower price, A. marginal revenue is affected by adding one additional unit sold at the new price. B. all the previous units, which used to sell at a higher p..
Dramatically cut military spending. Raise taxes significantly on the wealthy. Raise taxes substantially on low & middle incomes by imposing a national sales tax. Dramatically cut Medicare budgets for senior health care by privatizing it (Ryan plan)
What does the term "INTEREST RATE INVERSION" refer to? For the past several years, the Federal Reserve System has forced short-term interest rates to nearly zero. Why has it not been able to do the same for long-term interest rates? Explain
Suppose that Taher's pizza business operates under competitive conditions and that his short-run production function is q=20^E. How much labor does he employ if the price of each pizza is p = $12 and the hourly wage is w0 = $6? [Hint: In this case, i..
What is maximum amount it would be worth to shareholders to elicit high CEO effort all time rather low CEO effort all time.
The market demand is P=100-1.5Q and marginal & average costs are constant at 10 (MC=AC=10) find the monopoly price and quantity. Find the perfect competition price and quantity. Calculate profit, social welfare (consumer and producer surpluses), and ..
We know that GDP has four components: consumption (C), investment (I), government purchases (G) and net exports (NX). If we let Y stand for GDP
Suppose you are the manager of a restaurant that serves an average of 400 meals per day at an average price per meal of $20. Compute the price elasticity of demand between these two points. Compute total revenue at the three meal prices
Is an increase in the marginal income tax rate reflected by a shift in the after-tax supply of labor or a movement along the supply curve when the pretax wage rate is on the vertical axis? Explain your answer
Graphically show and verbally argue that a Walrasian equiblirium in an economy is Pareto efficient as long as preferences are locally non-satiated. How about convexity? ?s it important for this theorem to hold ?
The world has gone through several different international financial orders over past 100 years. Explain how each one came into being and why the order eventually ran into difficulties and was suspended by another order.
Explain why Paul Collier seems to argue that export oriented industrialization or trade liberalization policies enacted by African countries would not help Africa develop.
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