The interval between the recognition of a need for a policy change and when the policy change is instituted is called the:
a. recognition lag.
b. impact lag.
c. policy lag.
d. administrative lag.
D
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Which of the following will NOT cause increasing returns to scale and declining average costs?
a. focusing on a single product line and specializing b. exporting goods to other countries c. selling more in their home market d. hiring more workers at the existing plant
The above figure shows the market for 2 bedroom town homes in San Diego. If a rent ceiling is set at $1,000 per month, what is true?
A) The quantity of town homes demanded decreases to 100,000. B) Black market rents might be as high as $1,300 per month. C) The quantity of town homes supplied increases to 250,000. D) More town homes are rented after the rent ceiling that before. E) The quantity demanded of town homes is less than the quantity supplied.