ABC0KA) an equilibriumC) a shortage of KM apartments10) A price floor isLMSupplyFigure 4.45) Suppose Figure 4.4 refers to a market for apartments. An effective rent controlA) is at price BB) is at price CC) is at price AD) is somewhere below price ADemand6) Suppose figure 4.4 refers to the market for apartments. Using the effective rent control on the graph,which of the following occur?Qty of ApartmentsB) a surplus of LM apartmentsD) a shortage of KL apartments7) Suppose figure 4.4 refers to the market for apartments. An ineffective rent controlA) is at Price AB) is at Price BC) is at Price CD) none of the above28) Suppose figure 4.4 refers to the market for apartments. What is the highest price tenants are willingto pay for an apartment?A) Price AB) Price BC) Price CD) Undefined5)A) a non-price rationing deviceB) a legal maximum that can be charged for a good or serviceC) a legal minimum price below which a good or service cannot be soldD) the lowest price a seller can charge without losing all of its customers6)9) Refer to Figure 4.4. Using the effective rent control on this graph, what is the highest price tenantsare willing pay for an apartment?A) AB) BC) CD) unknown7)8)9)10) Sample Price Control QuizMULTIPLE CHOICE. Choose the one alternative that best completes the statement or answers the question.Table 4-3Hourly Wage(dollars)$13.0013,5014.0014.5015.0015.50B) 370,000Quantity ofLaborSupplied350,000Name360,000370,000380,000390,000400,000.Quantity ofLaborDemanded390,000380,000370,000360,000Table 4-3 shows the demand and supply schedules for the low-skilled labor market in the city of Westover.1) Refer to Table 4-3. If a minimum wage of $15.00 an hour is mandated, what is the quantity of labordemanded?A) 380,000D) 10,000350,000340,000C360,0002) Refer to table 4-3. If the maximum wage is $13.50, the market is experiencing aand this is an example of a priceA) Surplus, floorB) Surplus, ceilingShortage, ceilingD) Shortage, floor3) Refer to Table 4-3. If a minimum wage of $14.50 is mandated by the government there will be aA) shortage of 10,000 units of labor.C) surplus of 20,000 units of labor.B) shortage of 20,000 units of labor.D) surplus of 10,000 units of labor.1)4) Refer to Table 4-3. If a minimum wage of $13 is mandated by the government, the market willA) experience a shortageB) experience a surplusC) experience a shortage of 40,000 workersD) experiences surplus of 40,000 workersE) achieve equilibriumF) Experience a price ceiling2)

“Since you have posted multiple questions, we will provide the solution only to the first question…

A B C 0 K A) an equilibrium C) a shortage of KM apartments 10) A price floor is L Figure 4.4 lo M 5) Suppose Figure 4.4 refers to a market for apartments. An effective rent control A) is at price B C) is at price A Supply Demand Qty of Apartments 6) Suppose figure 4.4 refers to the market for apartments. Using the effective rent control on the graph, which of the following occur? B) is at price C D) is somewhere below price A B) a surplus of LM apartments D) a shortage of KL apartments 7) Suppose figure 4.4 refers to the market for apartments. An ineffective rent control A) is at Price A B) is at Price B C) is at Price C D) none of the above 2 8) Suppose figure 4.4 refers to the market for apartments. What is the highest price tenants are willing to pay for an apartment? A) Price A B) Price B C) Price C D) Undefined 5) 9) Refer to Figure 4.4. Using the effective rent control on this graph, what is the highest price tenants are willing pay for an apartment? A) A B) B C) C D) unknown A) a non-price rationing device B) a legal maximum that can be charged for a good or service C) a legal minimum price below which a good or service cannot be sold D) the lowest price a seller can charge without losing all of its customers 6) 8) 9) 10)

2nd Edition

ISBN:9781947172364

Author:Steven A. Greenlaw; David Shapiro

Publisher:Steven A. Greenlaw; David Shapiro

Chapter15: Poverty And Economic Inequality

Section: Chapter Questions

Problem 14RQ: How is the poverty rate calculated?