Exam 3: Government Control of Prices in Mixed Systems: Who Are the Winners and Losers

The Following Questions Refer to the graph below. -If rent is controlled at $600,the quantity of rental housing demanded will be

According to the alternative analysis of the minimum wage,which of the following might lead the demand curve for labor to be vertical over the relevant range?

As the wage increases,a worker will choose to work

Which of the following represents the demand curve for labor for a firm?

Which of the following is true of how markets react to government intervention? They react

The Following Questions Refer to the graph below. -A minimum wage set at $12 per hour would result in a surplus of

The Following Questions Refer to the graph below. -The equilibrium rent and quantity (1,000s of units)are

In the short-run,the supply of housing can increase quickly.

In a mixed economy,markets adjust freely and all markets are cleareD.

The Following Questions Refer to the table below. -The marginal product of the 4^th worker is

Working for the minimum wage provides valuable on-the-job-training.

Rent control laws will _____________ the search costs of potential renters.

6 of the 10 cities with the highest homelessness have rent control laws.

The Following Questions Refer to the table below. -If each unit of output is sold for $5,the marginal revenue of the second unit of output sold is

Some states also have their own minimum wage legislation.Generally these laws set the state minimum wage

Many rent controls were established as a result of World War II and were kept even after the war endeD.

In the short-run,who "loses" from rent control laws?

The Law of Diminishing Returns states that,as additional units of a variable input are added to a given amount of a fixed input,increases in output will

If the supply curve of labor is positively sloped,the income effect is dominating.

Some universities have rent controlled student housing.