The above figure shows the apartment rental market in Bigtown. If there is a shortage of 200,000 apartments in the Bigtown rental market, it might be because the Bigtown Housing Authority has imposed a rent

A drop in dollar price of British pounds means that

a. fewer dollars are needed to buy British pounds b. more dollars are needed to buy British pounds c. the mark has appreciated d. the dollar has depreciated e. British goods are now more expensive to Americans

Perfect competition is characterized by

A) many buyers and sellers. B) a small number of firms. C) differentiated products of firms in the industry. D) high barriers to entry.