Two goods are said to be substitutes when a fall in the price of one good:

A) leads to a left shift in the demand for the other good.
B) leads to a rise in the price of the other good.
C) doesn't affect the demand for the other good.
D) leads to a right shift in the demand for the other good.

A

Economics

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In the figure above, originally the apartment rental market is in short-run and long-run equilibrium with a rent of $600 per month. Then the government imposes a rent ceiling of $500 per month. The rent ceiling leads to a

A) shortage of 1000 apartments. B) shortage of 2000 apartments. C) surplus of 1000 apartments. D) surplus of 2000 apartments.

Economics

The political process is more likely to serve the interests of individuals whose preferences are in the middle, rather than individuals with preferences that are much to the left or right of the political center

This statement is best explained by which of the following? A) logrolling B) the Arrow impossibility theorem C) the voting paradox D) the median voter theorem

Economics