How are scarce housing resources allocated when a rent ceiling is in place?
What will be an ideal response?
With an effective rent ceiling, some means for allocation of housing units (other than by price) becomes necessary. Some housing is allocated by first-come, first-serve. Other housing is allocated by discrimination. Black markets also develop, where housing units are allocated at a rent higher than the regulated rent.
Economics
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The price of one product in terms of another commodity is called its
A) relative price. B) money price. C) financial price. D) converse price.
Economics
A ______ cost is ______ if the firm incurs the cost even if it produces no output.
A. fixed; sunk B. fixed; explicit C. variable; sunk D. fixed; avoidable
Economics