Refer to the figure in which S is the before-tax supply curve and S t is the supply curve after an excise tax is imposed. The efficiency loss of this tax will be area:

The above figure shows the apartment rental market in Bigtown. If the market is in equilibrium and then the Bigtown Housing Authority imposes a rent ceiling of $500 per apartment, which of the following would occur?

A) a decrease in the search time and expense of finding an apartment B) an increase in the search time and expense of finding an apartment C) an increase in producer surplus but a decrease in consumer surplus D) an increase in efficiency

Keeping a $20 bill in your purse to purchase a movie DVD when it comes out next month means that money functions as a

A) medium of exchange. B) unit of account. C) standard of deferred payment. D) store of value.