A larger labor force will allow the economy to produce more total output.

A demand relationship in which the quantity demanded changes exactly in proportion to the change in price is

A) elastic. B) unit-elastic. C) inelastic. D) consistent with zero elasticity.

Which of the following is a result of imposing a rent ceiling?

A) Some consumer surplus is converted to producer surplus. B) There is an increase in the quantity of apartments supplied. C) There is an increase in the quantity of apartments demanded. D) The marginal benefit of the last apartment rented is less than the marginal cost of supplying it.