“Demand” is a series of quantities demanded, one for each person in the market.

In the large country case, when a tariff is imposed, the country:

a. sees a terms-of-trade gain. b. is able to reduce world price of the imported good. c. is going to experience an increase in consumer surplus. d. sees a terms-of-trade gain and is able to reduce world price of the imported good.

Rent control has become less common because it

a. caused housing shortages b. caused housing surpluses c. encouraged the black market d. led to rationing