When rent controls exist, supply exceeds demand. quantity supplied exceeds quantity demanded. demand exceeds supply. quantity demanded exceeds quantity supplied.
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- Select the correct answer. When looking at rent control a price ceiling typically impacts: Group of answer choices both supply and demand supply demand neitherWhat is enacted when discontented sellers, feeling that prices are too low, appeal to legislators to keep prices from falling? Rent controls Price ceilings Price floors SubsidiesThe price cap concept is one of the possible government interventions in the market and means that it is the price level at which a company must sell its product, which must be below the market equilibrium price. True or False
- Question 14 True or False: Economists generally support rent controls because they believe that rent controls will help the poorest citizens find adequate affordable housing. Group of answer choices True FalseDescribe any Pros or Cons to Rent Control in the Short-Run.Which of the following is the most likely result of a rent control law that creates a binding price ceiling? A shortage of rentable homes. A surplus of rentable homes. The quality of rental homes will increase. All people will be able to rent a home.
- Under rent control, bribery is a potential mechanism toThe market demand and supply for renting apartments in the Midrand area is given as: Demand: p = 12 000 - 5Qd Supply: p = 800 + 3Qs 5. What is the landlord’s total revenue at the equilibrium price? [1] R7 000 000.[2] R12 000 000.[3] R8 000 000.[4] R1 400 000. 6. If the government implements an effective rent ceiling of R4 100 in the Midrand area, what are the search costs? [1] R0.[2] 2 640 000.[3] 1 320 000.[4] 72 000. 7. What price will the customers be willing to pay on the black market? [1] R5 000.[2] R4 100.[3] R6 500.[4] R1 400.Given the following information: QD = 240 – 5P QS = P Where QD is the quantity demanded, Qs is the quantity supplied and P is the price Calculate the consumer surplus before tax = Given the following information: QD = 240 – 5P QS = P Where QD is the quantity demanded, Qs is the quantity supplied and P is the price Calculate the producer surplus before tax =
- Which of these is one effect of government price supports in the agriculture industry? The supply of agricultural goods is reduced relative to consumer demand. There is a greater competition from foreign agricultural suppliers. The price of agricultural goods is lower for consumers. There is a greater efficiency in the use of farmland by agricultural producersThe primary objective of rent control by the government is to_________. a. Make the landlords charge high rent b. Make housing affordable to people c. Make the landlords of the country better off. d. Increase the number of buildings in the country.When a government imposes a tax in a market, it allows the government to Question 9 options: raise the price received by sellers of the goods that have been taxed. create a more efficient economic system. lower the price paid by buyers for the goods that have been taxed. decrease the deadweight loss in this market. take part of consumer and producer surplus as tax revenue when the good is purchased.
