Rent controls force landlords to price apartments below the equilibrium price level. An immediate effect is a shortage (excess demand) of apartments, because the quantity of apartments demanded is greater than the quantity supplied at the regulated price. When cities prevent landlords from charging market rents, which of the following are common long-run outcomes? Check all that apply. The future supply of rental housing units increases.   The quality of rental housing units falls.   Landlords earn lower profits from renting housing units, but the rent charged has no effect on either the quantity or quality of rental units.   Black markets develop.

An increase in the supply of grain will reduce the total revenue grain producers receive if the demand curve is inelastic the demand curve is elastic the supply curve is inelastic the supply curve is elastic

If firms producing the profit maximizing level of output experience total revenue less than total cost, the market supply will   multiple choice   increase and equilibrium price will decrease.   decrease and equilibrium price will increase.   decrease and equilibrium price will decrease.   increase and equilibrium price will increase.

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A market is “competitive” when: A) When a product has several substitutes offered by different companies B) When no producer makes a profit C) When no producer makes economic profits D) When one company controls the market for a product that has unique consumer value

The marketing research department for a company that manufacturers and sells gaming systems established the following price-demand function p(x)=240-30x     Where p(x) is the wholesale price in dollars at which x thousand gaming systems can be sold,   Find the revenue function when x thousand units are demanded Find the value of x that will produce maximum revenue. What is maximum revenue to the nearest thousand dollars? What is the price per gaming system that produces the maximum revenue?

If an increase in the supply of a product results in a decrease in the price, but nochange in the actual quantity of the product exchanged, then:A) the price elasticity of supply is zero.B) the price elasticity of supply is infinite.C) the price elasticity of demand is unitary.D) the price elasticity of demand is zero.

Price elasticity of supply (PES):   Range of values Determinants Time Availability of producer substitutes Costs

An airline has two types of passengers: business passengers with fairly tight schedules and inelastic demand for airline flights and vacation passengers with flexible schedules and more elastic demand for airline flights. The tables below show the demand information for both types of passengers and the market demand for a single airline flight. Business Traveler Demand Vacation Traveler Demand Market Demand Same Price for All Passengers Price Quantity Demanded Marginal Revenue (dollars) (seats) (dollars) Price (dollars) Quantity Demanded Marginal Quantity Marginal (seats) Revenue (dollars) Price (dollars) Demanded Revenue (seats) (dollars) $500 0 $500 0 $500 0 450 25 $400 450 0 450 25 $400.00 400 50 300 400 0 -- 400 50 300.00 es 350 75 200 350 50 $300 350 125 266.67 300 100 100 300 100 200 300 200 166.67 250 125 0 250 150 100 250 275 66.67 200 150 200 200 0 200 350 16.67 150 175 150 250 150 425 100 200 100 300 100 500 50 225 50 350 50 575 0 250 0 400 0 650 Instructions: Enter your…

If a single supplier produces such a small portion of the total market output that changes in its production have no impact on the overall market price:     the firm will eventually be forced out of business.   the firm's supply curve is perfectly inelastic.   demand for the firm's output is perfectly elastic.   the market supply curve is horizontal.