The greater the availability of close substitutes for a product, the greater the price elasticity of demand for that product

The table above gives production information for Bob's Baseball Cap Company. Bob's total cost when zero caps are produced is $200 and workers cost $10 per hour. The average variable cost of producing 10 baseball hats per hour is

A) $1. B) $2. C) $20. D) More information is needed to answer the question.

Why do rent controls cause deadweight losses?

a. fewer apartments are rented than in the competitive market b. more apartments are rented than in the competitive market c. tenants have to pay more than in the competitive market d. landlords can charge more than in the competitive market