The figure above shows the demand for and supply of rental housing in Smallton. If a rent ceiling is set at $400, what is the rent?

The change in consumption that results from a change in the relative price of goods while staying on the same indifference curve is the

A) income effect. B) substitution effect. C) indifference effect. D) price effect.

If the bidders at a first-price auction have true values of $78, $72, $66, and $65, the item will sell for

a. Just above $78 b. just over $72 c. $78 d. $72