Who bears the primary costs of a rent control program? the wealthy Assume the de
ID: 1204885 • Letter: W
Question
Who bears the primary costs of a rent control program?
the wealthy
Assume the demand for sushi is Qd = 180 - 3P, where Qd is quantity demanded and P = price in dollars. The supply of sushi is Qs = 80 + 5P, where Qs is quantity supplied (and P is, again, price in dollars). A price of $20 would result in:
US agricultural price supports are politically popular because
The costs are spread out among millions of people
Assume the demand for sushi is Qd = 180 - 3P, where Qd is quantity demanded and P = price in dollars. The supply of sushi is Qs = 80 + 5P, where Qs is quantity supplied (and P is, again, price in dollars). What would be the equilibrium price?
$15
Price floors and ceiling prices:
A change in the price of a good leads to a change in ________, which leads to a ___________
When the supply of a product increases, this implies that
producers will offer less for sale at each possible price
If there is a excess demand for product X:
the price of the product will decline.
Which of the following will occur when there is a simultaneous decrease in demand and a decrease in supply?
A decrease in equilibrium quantity
Velcro is becoming more and more popular for a variety of uses, including as fasteners for shoes. What should happen to the equilibrium price and quantity for shoelaces as a result?
Nothing.
If the government imposes a ceiling price on apartment rents, we would expect to observe all of the following except one. Which is the exception?
supply; movement along the supply curve
both cause shortages.
A. landlords B. renters that get rent-controlled apartments C. taxpayers D.the wealthy
Assume the demand for sushi is Qd = 180 - 3P, where Qd is quantity demanded and P = price in dollars. The supply of sushi is Qs = 80 + 5P, where Qs is quantity supplied (and P is, again, price in dollars). A price of $20 would result in:
A. Excess supply of 60 B. Excess supply of 120 C. Excess supply of 140 D. Excess demand of 140Explanation / Answer
1. landlords
2. Excess supply of 120. Because at P = $20, Supply is 180 and demand is only 60.
3. They have no adverse impacts
4. $12.50
Explanation: for equilibriom the condition is Demand = supply
=> 180 - 3P = 80 + 5P
=> 8P = 100
=> P = 100/8 = $12.5
5. interfere with the rationing function of prices.
6. quantity supplied; movement along the supply curve
7. the price of the product first declined
8. the price of the product will rise.
9. A decrease in equilibrium quantity
10. Both price and quantity should decrease.
11. an increase in the number of new apartment complexes being built
Related Questions
Navigate
Integrity-first tutoring: explanations and feedback only — we do not complete graded work. Learn more.