Give the correct answer in each of the following, Oligopoly is characterized by

Question

Give the correct answer in each of the following, Oligopoly is characterized by a small number of firms: and is therefore unrepresentative of market structure in the real world that are mutually independent that are mutually interdependent that are mutually exclusive that make up are a cartel Figure 1 Refer to Figure 1 above. If a price ceiling is set at $10, then 100 units will be sold at a price of $20 100 units will be sold at a price of $15 100 units will be sold at a price of $10 200 units will be sold at a price of $10 Refer to Figure 1 above. What would be the likely black market price of the good if a price ceiling is set at $10 $10 $15 $20 50 units of the good will be sold at a price of $10 and 50 units of the good at $20 The short run supply curve for rental housing will be positively sloped because: the supply of housing is fixed in the short run the current stock of buildings will be used more intensively for housing if rents rise the cost of constructing new buildings increases as the number of buildings in existence increases the cost of constructing a new building is about the same regardless of the number of buildings already in existence Which of the following is generally false? minimum wage laws set wages above the market wage rent ceilings set rent below market levels rent ceilings generally result in housing shortages minimum wage laws increase employment

Explanation / Answer

7) C. $100 @ 20 units, can be seen on the graph using supplyat $10 8) B. Back into the natural price 9) C. Both price and supply increase if it positivelysloped 10) D. Not necessarily, employers may just hire less

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