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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? Please say all that apply.
1. The quantity of available rental housing units falls.
2. Efficient use of housing space results.
3. The quality of rental housing units falls.
4. Black markets develop.
Which of the following ideologies emphasizes liberty on economic issues and traditional values on social issues?
A company borrows $100,000 today at 12% nominal annual interest. The monthly payment of a 5-year loan is most nearly? A tractor cost $7,500. After 10 years it has a salvage value of $5000. Maintenance costs are $500 per year. If the interest rate is ..
The market basket utilized to calculate the CPI in Aquilonia is 4 loaves of bread, 6 gallons of milk, 2 shirts also 2 pairs of pants.
Heterogeneous consumers. A monopolist offers a single price to two consumers with the following demand functions: p1(q1) = 120 − q1 p2(q2) = 45 − 1 2 q2. The firm experiences a constant marginal cost of production, c = 10. Graph aggregate demand, mar..
Marcella operates a small, but very successful art gallery. All but one of the following can be classified as a variable cost arising from the physical inputs Marcella required to operate her business.
Participate in a discussion with your classmates regarding how fiscal policies affect our lives. As previously covered in Chapter 13, we learned that the real business cycle results from fluctuations in the pace of growth of labor productivity and po..
The research department of Wilson has discovered a new technology on how to make more durable tennis balls and is considering whether or not to adopt the new technique.
Consider a simultaneous-move auction in which 2 players simultaneously select bids, which must be in nonnegative integer multiples of one cent.
What sort of relationship would you expect to see between the price of bonds and the interest rate?
Suppose a consumer's preferences can be described. Derive the customer's marginal rate of substitution at the point.
Economists frequently point out that factor movements between two countries can be a substitute for goods movements between the countries in terms of the impact on relative factor prices in the countries. Explain why the two types of movements can be..
Use this information to predict the annual number of VCRs sold if increasing competition from Asia causes VCR prices to fall by 10% with income and the price of DVDs is unchanged. 4.35 million 5.65 million 5.85 million 4.58 millio..
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