The graph shows the market for ski chalets in Aspen. If a rent ceiling is set at $1,900 a week, then the maximum amount charged in the black market is ________ a week
A) $1,900
B) $2,050
C) $2,125
D) $225
E) $150
C
Economics
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Total cost falls when marginal cost is ________, and total cost rises when marginal cost is ________
A) negative; positive B) positive; negative C) zero; negative D) zero; positive
Economics
If the demand for a good is elastic, the price elasticity of demand is ________
A) greater than 1 B) equal to 1 C) between 0 and 1 D) less than zero
Economics