The winner in a first-price sealed-bid auction pays an amount equal to ________

Many student government candidates at colleges and universities propose rent controls on local rental housing as a way to help students afford rental housing. Economic theory suggests that this policy would harm students as a whole despite the fact that some students who are able to find housing at the reduced price would benefit. Which of the following are some of the offsetting secondary

effects of the rent controls that would work to the disadvantage of students? a. There would be a shortage of rental housing, making it very difficult for students to find places to rent and causing increased discrimination in the rental housing market. b. There would be a reduction in the quality of rental housing. c. There would be a reduction in the future supply of rental housing. d. All of these would be secondary effects of the rent controls.

In macroeconomics, the long run is determined by:

A. how long it takes for prices of inputs to adjust through the whole economy. B. the longest contract length of a business. C. how long it takes for output decisions to adjust to changes in economic conditions. D. how long it takes for firms to vary all input quantities.