Transfer payments are included in
a. Gross Domestic Product
b. Net Domestic Product
c. National Income
d. Personal Income
e. Gross National Product
D
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In the figure above, the demand curve shifts rightward from D0 to D1 so that D1 is the relevant demand curve. Suppose the government imposes a rent ceiling of $300 per month. In the short run there will be
A) a shortage of 500,000 apartments. B) a shortage of 400,000 apartments. C) a shortage of 200,000 apartments. D) no shortage nor a surplus of apartments.
Consumer surplus:
a. does not exist in equilibrium. b. is illustrated by the area under the demand curve and above the market price. c. is illustrated by the area under the demand curve and below the market price. d. is illustrated by the area above the supply curve and under the demand curve.