If a rent ceiling is imposed that is less than the equilibrium rent, which of the following outcomes is most likely to occur?
A) reduced search activity
B) black market activity
C) a building boom
D) a housing surplus
E) None of the above answers is correct because to have an impact, the rent ceiling must be above the equilibrium rent.
B
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Refer to Figure 3-7. Assume that the graphs in this figure represent the demand and supply curves for tuna. Which panel best describes what happens in this market when there is a decrease in the productivity of commercial fishermen?
A) Panel (a) B) Panel (b) C) Panel (c) D) Panel (d)
Refer to the information provided in Figure 2.4 below to answer the question(s) that follow.
Figure 2.4According to Figure 2.4, as the economy moves from Point B to Point D, the opportunity cost of motorcycles, measured in terms of hybrid cars,
A. increases B. remains constant. C. initially increases, then decreases. D. decreases.