Podcast
Questions and Answers
What is the result of a rent ceiling set below the equilibrium rent?
What is the result of a rent ceiling set below the equilibrium rent?
- Increased housing supply
- Increased housing demand
- A housing shortage (correct)
- No effect on the housing market
What happens when a price ceiling is set above the equilibrium price?
What happens when a price ceiling is set above the equilibrium price?
- A surplus of the good is created
- The market works as if there were no ceiling (correct)
- The price of the good is fixed at the ceiling
- A shortage of the good is created
What is another name for a price ceiling in a housing market?
What is another name for a price ceiling in a housing market?
- Price floor
- Price cap
- Rent floor
- Rent ceiling (correct)
What is the effect of a rent ceiling on the search activity in the housing market?
What is the effect of a rent ceiling on the search activity in the housing market?
At the rent ceiling, what is the relationship between the quantity of housing demanded and the quantity supplied?
At the rent ceiling, what is the relationship between the quantity of housing demanded and the quantity supplied?
What is the consequence of a rent ceiling set below the equilibrium rent, in terms of the black market?
What is the consequence of a rent ceiling set below the equilibrium rent, in terms of the black market?
What happens to the quantity of labor employed when a minimum wage is set above the equilibrium wage?
What happens to the quantity of labor employed when a minimum wage is set above the equilibrium wage?
What is the result of a minimum wage being set above the equilibrium wage in a labor market?
What is the result of a minimum wage being set above the equilibrium wage in a labor market?
Why is the equilibrium wage rate of $9 an hour in the illegal region?
Why is the equilibrium wage rate of $9 an hour in the illegal region?
What is the quantity of labor employed when the minimum wage is set at $10 an hour?
What is the quantity of labor employed when the minimum wage is set at $10 an hour?
What is the willingness of some workers to supply the last hour of labor demanded for?
What is the willingness of some workers to supply the last hour of labor demanded for?
What is the main consequence of a rent ceiling in a housing market?
What is the main consequence of a rent ceiling in a housing market?
What is the result of a minimum wage set above the equilibrium wage rate?
What is the result of a minimum wage set above the equilibrium wage rate?
What is the effect of a price floor on the producer surplus in a market?
What is the effect of a price floor on the producer surplus in a market?
What is the result of a minimum wage set below the equilibrium wage rate?
What is the result of a minimum wage set below the equilibrium wage rate?
What is the effect of a rent ceiling on the consumer surplus in a housing market?
What is the effect of a rent ceiling on the consumer surplus in a housing market?
What is the result of a minimum wage in a labor market?
What is the result of a minimum wage in a labor market?
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