In a housing market with a rent ceiling set below the equilibrium rent,
A) some people seeking an apartment to rent will not be able to find one.
B) the total cost of renting an apartment will decrease for all those seeking housing.
C) some landlords will not be able to find renters to fill available apartments.
D) search will decrease because renters no longer need to search for less expensive apartments.
E) None of the above answers are correct because to have an impact, the rent ceiling must be set above the equilibrium rent.
A
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According to Keynes, once a system attains an economy-wide equilibrium
A) planned investment will be zero. B) there may or may not be excess productive capacity. C) the economy will be at full productive capacity. D) planned consumption will be zero.
If a union can successfully shift the demand curve for union labor rightward, the union can achieve
A) an increase in wages and employment. B) an increase in wages but a decrease in employment. C) an increase in employment but a decrease in wages. D) a decrease in both employment and wages.