Exam 4: Extensions of Demand and Supply Analysis

In a situation in which rationing is by queues,the total price of the rationed good is

When supply increases and at the same time demand decreases,we

The City Council of Happy Village is thinking about imposing rent controls.If they put rent controls in place,which constituency are they trying to please?

The textbook points out that rent controls have

A market in which a price-controlled good is sold at an illegally high price is known as

Price ceilings are adopted in most cases because

Firms that produce 80 percent of all computer chips have shut down their facilities for maintenance.In the computer chip market this will lead to

-According to the above figure,the market clearing wage rate is

A long line at the campus bookstore at the beginning of the term is an example of

A supply restriction on imported goods,such as the government's restriction of imported oil for many years,is referred to as

Rent controls often have adverse effects,including

Which of the following will tend to occur when a surplus exists in a market?

The total amount of consumer surplus and producer surplus is at its maximum when

Would it take longer for a labor market to move to a new equilibrium for house painters or architects? Why?

When a government imposes price controls,the result is that

-Refer to the above figure.If the government imposes a price floor of $60,

A price floor set below the equilibrium price will cause which of the following?

Garbanzo Beans -Consider the above table.Assuming the government imposes a price floor on garbanzo beans of $8,what would be the likely result?

If a price floor is set below the current market clearing price,then

Which of the following is NOT a voluntary exchange?