Exam (elaborations)
Exam 3 ECO 201 Nietfeld Questions & answers
- Course
- Institution
Exam 3 ECO 201 Nietfeld Questions & answers
[Show more]
Seller
Follow
EXAMQA
Reviews received
Content preview
Exam 3 ECO 201 Nietfeldblack markets - ANS-a market in which goods or services are bought and sold illegally,
either because it is illegal to sell them at all or because the prices charged are legally
prohibited by a price ceiling
minimum wage - ANS-a minimum price that an employer can pay a worker for an hour
of labor
price ceiling - ANS-a maximum price that can be legally charged for a good or service
price controls - ANS-government-imposed limits on the prices that producers may
charge in the market
price floor - ANS-A legal minimum on the price at which a good can be sold
price gouging laws - ANS-temporary ceilings on the price that sellers can charge for a
good during times of emergency
rent control - ANS-a price ceiling on rental housing
Does a binding price ceiling cause a shortage or a surplus? Provide an example to
support your answer. - ANS-
Does a nonbinding price floor cause a shortage or a surplus? support your answer -
ANS-
Will a surplus or a shortage caused by a price control become smaller or larger over
time? - ANS-
Are price gouging laws an example of a price floor or a price ceiling? - ANS-
what will happen to the market price when a price control is non-binding? - ANS-
Imagine that the community you live in decides to enact a rent control of $700 per
month on every one-bedroom apartment. Using the following table, determine the
market price and equilibrium quantity without rent control. How many one-bedroom
apartments will be rented after the rent control law is passed?
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller EXAMQA. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $7.99. You're not tied to anything after your purchase.
Can Stuvia be trusted?
4.6 stars on Google & Trustpilot (+1000 reviews)
79271 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy study notes for 14 years now