What is a rent ceiling and what are its effects if it is set above the equilibrium rent?
What will be an ideal response?
A rent ceiling is a specific example of a price ceiling. A rent ceiling is a government imposed regulation that makes it illegal to charge a rent higher than a specified level. If a rent ceiling is set above the equilibrium rent, it has no effect because it does not make the equilibrium rent illegal.
Economics
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The right to earn interest is the incentive that motivates people to supply loanable funds to the loanable funds market
Indicate whether the statement is true or false
Economics
A surplus in a labor market exerts an upward pressure on the equilibrium wage rate
a. True b. False Indicate whether the statement is true or false
Economics