A supplier of an input is unlikely to have bargaining power if
A) it has a patent on the input. B) many firms can supply the input.
C) the input supplied is specialized. D) it is the sole supplier of the input.
B
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What is the most likely effect of legislated rent controls on the rental vacancy rate in an area adopting such controls?
A) The vacancy rate will not change because rent controls don't change the demand (curve) for housing. B) The vacancy rate will rise because owners will be less eager to have tenants in their buildings. C) The vacancy rate will fall because rent controls create a shortage situation. D) The vacancy rate will become wholly arbitrary and unpredictable because allocation decisions will have to be made by political rather than economic criteria.
Which lag stems from the fact that it takes time for people and firms to react to a policy change, to acquire or reduce loans, and to change their level of consumption?
A) the implementation lag B) the recognition lag C) the market lag D) the impact lag