Which of the following examples would be least likely to happen in a rent-controlled apartment?
a. The repair of a tile floor would be delayed for months.
b. The tenants would be reluctant to move.
c. A new toilet would be installed.
d. The walls would require repainting.
c. A new toilet would be installed.
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Which of the following situations will arise in the domestic market following the imposition of an import ban?
A) imports decrease, domestic production increases, prices increase B) imports increase, domestic production increases, prices increase C) imports increase, domestic production decreases, prices decrease D) imports decrease, domestic production increases, prices decrease
What is the formula for the cross elasticity of demand? The percentage change in the
A) quantity demanded divided by the percentage change in the price of a substitute or complement. B) quantity supplied divided by the percentage change in price. C) quantity demanded divided by the percentage change in price. D) quantity demanded divided by the percentage change in income. E) equilibrium quantity demanded divided by the equilibrium quantity supplied.