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CopyrightCopyright?2012PearsonEducation,Inc.Microeconomics,10e(Parkin)Chapter6GovernmentActionsinMarketsAHousingMarketWithaRentCeilingApriceceilingisapricebelowwhichasellercannotlegallysell.abovewhichasellercannotlegallysell.thatcreatesasurplusofthegood.BothanswersAandCarecorrect.Answer:BTopic:PriceCeilingSkill:RecognitionQuestionhistory:Previousedition,Chapter6AACSB:ReflectiveThinkingApriceceiling .makesitillegaltochargeahigherpricethanthespecifiedpriceismoreeffectivewhenitishigherisnecessarytomaintainmarketequilibriumoccursinhousingmarketsonlyAnswer:ATopic:PriceCeilingSkill:RecognitionQuestionhistory:Previousedition,Chapter6AACSB:ReflectiveThinkingAprice isaregulated thatmustbesetbelowtheequilibriumpricetohaveaneffect.floor;pricefloor;quantityceiling;priceceiling;quantityAnswer:CTopic:RentCeilingSkill:RecognitionQuestionhistory:Previousedition,Chapter6AACSB:ReflectiveThinking1Inordertohaveaneffect,apriceceilingmustbeset .abovetheequilibriumpriceequaltotheequilibriumpricebelowtheequilibriumpricebysuppliersAnswer:CTopic:RentCeilingSkill:RecognitionQuestionhistory:Previousedition,Chapter6AACSB:ReflectiveThinkingArentceilingbelowtheequilibriumrentwillcreateamoreefficientallocationofhousing.alargernumberofapartmentsrented.nochangeinthenumberofapartmentsrented.increasedsearchtimeandblackmarkets.Answer:DTopic:RentCeilingSkill:RecognitionQuestionhistory:Previousedition,Chapter6AACSB:ReflectiveThinkingArentceiling .increasesthequantityofrentalunitssuppliedcannotchangethemarketpricesetaboveequilibriumpricehasnoeffectgenerallyaimsatinsuringthatlandlordsreceiveahigherrentthanwouldotherwisebethecaseAnswer:CTopic:RentCeilingSkill:ConceptualQuestionhistory:Previousedition,Chapter6AACSB:ReflectiveThinkingArentceilingsetabovetheequilibriumrentrestrictsthequantitydemandedbutnotthequantitysupplied.restrictsthequantitysuppliedbutnotthequantitydemanded.restrictsboththequantitydemandedandthequantitysupplied.hasnoeffect.Answer:DTopic:RentCeilingSkill:AnalyticalQuestionhistory:Previousedition,Chapter6AACSB:AnalyticalSkills2Apriceceiling,suchasarentceiling,alwaysresultsinasurplus.alwaysresultsinashortage.resultsinasurplusiftheceilingpriceislessthantheequilibriumprice.resultsinashortageiftheceilingpriceislessthantheequilibriumprice.Answer:DTopic:PriceCeilingSkill:RecognitionQuestionhistory:Previousedition,Chapter6AACSB:ReflectiveThinkingWhichofthefollowingisaneffectofapriceceilingsetbelowtheequilibriumprice?Lessofthegoodisproducedwiththeceilingthanwouldbeproducedwithouttheceiling.Thepriceceilinghasnoeffectonthemarketequilibrium.Consumerscanbuymorethantheycanattheequilibriumpricebecausetheceilingpriceislower.Noneoftheaboveanswersiscorrect.Answer:ATopic:PriceCeilingSkill:RecognitionQuestionhistory:Previousedition,Chapter6AACSB:ReflectiveThinkingSupposethegovernmentimposesapriceceilingongasolinethatislessthantheequilibriumprice.Asaresult,thepriceofgasolinerisestotheequilibriumprice.thereisincentiveforbuyerstoundertakesearchactivity.thesupplyofgasolinewillincreaseandthesupplycurvewillshiftrightward.thedemandforgasolinewilldecreaseandthedemandcurvewillshiftleftward.Answer:BTopic:PriceCeilingSkill:ConceptualQuestionhistory:Previousedition,Chapter6AACSB:ReflectiveThinkingWhichofthefollowingisNOTapotentialimpactofarentceilingsetbelowtheequilibriumrent?asurplusanincreaseinsearchadeadweightlossNoneoftheabovebecausetheyareallimpactsofarentceilingsetbelowtheequilibriumrent.Answer:ATopic:PriceCeilingSkill:ConceptualQuestionhistory:Modified10theditionAACSB:ReflectiveThinking3Apriceceilingcanresultinwhichofthefollowing?inefficiencyblackmarketsincreasedsearchactivitiesAlloftheaboveanswersarecorrect.Answer:DTopic:PriceCeilingSkill:AnalyticalQuestionhistory:Previousedition,Chapter6AACSB:ReflectiveThinkingSherrywantstorentanapartment.Althoughrentsarebelowwhatsheiswillingtopay,shecannotfindanapartment.Thenafteramonthofsearching,shefindsanapartmentbutshehastopayanadditional$1,000tohavethelockschanged.SherryhasjustexperiencedtheeffectsofarentfloorwithablackmarketinelasticdemandamarketworkingefficientlyarentceilingAnswer:DTopic:RentCeilingSkill:ConceptualQuestionhistory:Previousedition,Chapter6AACSB:CommunicationPriceceilings,suchasrentceilings,setbelowtheequilibriumpriceincreaseproducersurplus.decreaseproducersurplus.donotaffectproducersurplus.mightincreaseordecreaseproducersurplus.Answer:BTopic:PriceCeilingSkill:RecognitionQuestionhistory:Modified10theditionAACSB:ReflectiveThinkingWhichofthefollowingisaneconomicpolicythatpromotestheefficientquantityofapartments?arentfloorabovetheequilibriumrentarentceilingbelowtheequilibriumrentasalestaximposedonrentinganapartmentnoneoftheaboveAnswer:DTopic:ARegulatedHousingMarketSkill:ConceptualQuestionhistory:Previousedition,Chapter6AACSB:AnalyticalSkills4Arentceilingresultsinashortage.Asaresult,whichofthefollowingdoyouexpect?Theshortagewillpersistaslongastheceilingisineffect.Discriminationaslandlordschoosetheirtenants,possiblybasedonrace,age,orgender.Ablackmarketforapartmentswherebyhigherrentsareobtainedthroughvariousothercharges.Alloftheabovewouldbeexpected.Answer:DTopic:ARegulatedHousingMarketSkill:AnalyticalQuestionhistory:Previousedition,Chapter6AACSB:CommunicationApriceceilingsetbelowtheequilibriumprice searchactivityand theuseofblackmarkets.increases;increasesincreases;decreasesdecreases;increasesdecreases;decreasesAnswer:ATopic:ARegulatedMarketSkill:AnalyticalQuestionhistory:Previousedition,Chapter6AACSB:AnalyticalSkillsTheopportunitycostofbuyingagoodincludesthepriceofthegood..thevalueoftimespentsearchingforthegood.onlyIonlyIIbothIandIIneitherInorIIAnswer:CTopic:SearchActivitySkill:RecognitionQuestionhistory:Previousedition,Chapter6AACSB:ReflectiveThinking5Whenarentceilingisimposedinahousingmarket,theopportunitycostofhousingequalstherent.marketequilibriumrentthatwouldprevailintheabsenceofarentceiling.valueofthetimeandresourcesspentsearchingplustherent.consumersurplus.Answer:CTopic:SearchActivitySkill:ConceptualQuestionhistory:Previousedition,Chapter6AACSB:ReflectiveThinkingSearchactivity .occursthereisasurplusofthegoodisunnecessarywhenablackmarketexistsincreaseswhenaneffectivepriceceilingissetonagooddecreaseswhenaneffectivepriceceilingissetonagoodAnswer:CTopic:SearchActivitySkill:RecognitionQuestionhistory:Previousedition,Chapter6AACSB:ReflectiveThinkingArentceilingsetbelowtheequilibriumrentwillincreasesearchactivity.decreasesearchactivity.havenoeffectonsearchactivity.shiftthehousingsupplycurverightward.Answer:ATopic:SearchActivitySkill:ConceptualQuestionhistory:Modified10theditionAACSB:ReflectiveThinkingOneconsequenceofrentceilingssetbelowtheequilibriumrentisthatasurplusofhousingunitsdevelops.rentersarenolongerexploitedbylandlords.itmakesthelong-runhousingsupplymoreelastic.searchcostsforhousingincrease.Answer:DTopic:SearchActivitySkill:ConceptualQuestionhistory:Modified10theditionAACSB:ReflectiveThinking6Withrentcontrols,whichofthefollowingismostlikelytooccur?decreasedsearchactivityblackmarketactivityabuildingboomahousingsurplusAnswer:BTopic:BlackMarketsSkill:RecognitionQuestionhistory:Previousedition,Chapter6AACSB:Communication isanillegalactivitybetweenbuyersandsellerssometimesusedtoevadeapriceceiling.IncreasedsearchactivityApricefloorCreatingashortageAblackmarketAnswer:DTopic:BlackMarketsSkill:ConceptualQuestionhistory:Previousedition,Chapter6AACSB:ReflectiveThinkingArentceilingresultsinashortage.Asaresult,whichofthefollowingdoyouexpect?Ashortageofapplicantsfortheapartmentsavailable.Discriminationastenantschoosetheirlandlords,possiblybasedonrace,age,orgender.Ablackmarketforapartmentswherebyhigherrentsareobtainedthroughvariousothercharges.Inthelong-run,moreandmorepeoplewillwanttobecomelandlords.Answer:CTopic:BlackMarketsSkill:AnalyticalQuestionhistory:Previousedition,Chapter6AACSB:ReflectiveThinkingWithrentcontrols,whatmechanismmightarisetobringaboutanequilibrium?decreasedsearchcostsblackmarketactivityincreasedadvertisingbylandlordsmorefavorableleasesofferedtotenantsAnswer:BTopic:BlackMarketsSkill:ConceptualQuestionhistory:Previousedition,Chapter6AACSB:EthicalReasoning7Onecommoneffectofrentceilingsinbigcitiesisthatlandlordsbuildmoreapartments.thatlandlordscharge"keymoney,"highpaymentschargedtonewtenantsfornewlocksandkeys.toequalizethequantityofapartmentsdemandedandthequantitysuppliedinneighborhoods.toreducethesearchactivitybythoseseekingshelter.Answer:BTopic:BlackMarketsSkill:AnalyticalQuestionhistory:Previousedition,Chapter6AACSB:EthicalReasoningThestrictertheenforcementofapriceceiling,thesmalleristhedifferencebetweentheblackmarketpriceandthelegalmarketpriceofthegood.largeristhedifferencebetweentheblackmarketpriceandthelegalmarketpriceofthegood.C)greateristheamountofthegoodavailableintotal,fromeitherthelegalmarketortheblackmarket.D)BothanswersBandCarecorrect.Answer:BTopic:BlackMarketsSkill:ConceptualQuestionhistory:Previousedition,Chapter6AACSB:CommunicationWhichofthefollowingisaresultofarentceilingsetbelowtheequilibriumrent?equityinthehousingmarket. efficientallocationofresourcesI.ashortageofhousingunits.IandIIIandIIIIIonlyIIIonlyAnswer:DTopic:InefficiencyofRentCeilingsSkill:ConceptualQuestionhistory:Modified10theditionAACSB:EthicalReasoning8Arentceilingcreatesashortage.Asaresult,whichofthefollowingoccurs?onlyalossofconsumersurplusfortenantsonlyalossofproducersurplusforlandlordsalossofbothconsumerandproducersurplusagainofbothconsumerandproducersurplusAnswer:CTopic:InefficiencyofRentCeilingsSkill:AnalyticalQuestionhistory:Previousedition,Chapter6AACSB:AnalyticalSkillsArentceilingcreatesashortage.Asaresult,thereisanefficientallocationofhousing.asurplusofhousing.anincreaseintheproducersurplusinthehousingmarket.adecreaseintheproducersurplusinthehousingmarket.Answer:DTopic:InefficiencyofRentCeilingsSkill:AnalyticalQuestionhistory:Previousedition,Chapter6AACSB:AnalyticalSkillsArentceilingresultsinashortageofapartments.Asaresult,thereisonlyalossofconsumersurplusfortenants.onlyalossofproducersurplusforlandlords.alossofbothconsumerandproducersurplus.againofbothconsumerandproducersurplus.Answer:CTopic:InefficiencyofRentCeilingsSkill:ConceptualQuestionhistory:Previousedition,Chapter6AACSB:AnalyticalSkillsAssumethatyourstategovernmenthasplacedapriceceilingof$.20perkilowatthouronelectricity.Theequilibriumpriceperkilowatthourforelectricityis$.25.Thegovernment'sactionwillresultinasurplusofelectricityintheelectricitymarket.anincreaseinthepriceofelectricityto$.25perkilowatthour.anincreaseinproducersurplus.adeadweightloss.Answer:DTopic:PriceCeilingSkill:ConceptualQuestionhistory:Previousedition,Chapter6AACSB:AnalyticalSkills9Rent(dollarspermonth)Quantityofapartmentssupplied(permonth)Quantityofapartmentsdemanded(permonth)200「2010030040804006060500804060010020TheabovetablegivesthedemandscheduleandthesupplyscheduleforhousinginAnytown,U.S.A.Ifarentceilingof$300isimposedinthehousingmarket,thentherewouldbeasurplusofapartments.therewouldbeashortageofapartments.themarketwouldreachequilibriumatthequantityof60housingunits.thesupplyofhousingwouldincrease.Answer:BTopic:ARegulatedHousingMarketSkill:AnalyticalQuestionhistory:Previousedition,Chapter6AACSB:AnalyticalSkillsTheabovetablegivesthedemandscheduleandthesupplyscheduleforhousinginAnytown,U.S.A.Ifarentceilingof$600wasimposedinthehousingmarket,thentherewouldbeasurplusofapartments.therewouldbeashortageofapartments.themarketwouldreachequilibriumatthequantityof60housingunits.thesupplyofhousingwouldincrease.Answer:CTopic:ARegulatedHousingMarketSkill:AnalyticalQuestionhistory:Previousedition,Chapter6AACSB:AnalyticalSkills10

(-fLIOEJMIeoifpq-soitj(-fLIOEJMIeoifpq-soitj〕-HadInthefigureabove,theinitialdemandcurveisD0.Therearenorentceilingsnorrentfloors.Theequilibriummonthlyrentis$100permonth.$200permonth.$300permonth.$400permonth.Answer:CTopic:AHousingMarketSkill:AnalyticalQuestionhistory:Previousedition,Chapter6AACSB:AnalyticalSkillsInthefigureabove,thedemandcurveshiftsrightwardfromD0toDi.Therearenorentcontrols.Intheshortrun,theincreaseindemandresultsinA)higherrentsandadecreaseintheequilibriumquantity.lowerrentsandadecreaseintheequilibriumquantity.higherrentsandanincreaseintheequilibriumquantity.lowerrentsandanincreaseintheequilibriumquantity.Answer:CTopic:AHousingMarketSkill:AnalyticalQuestionhistory:Previousedition,Chapter6AACSB:AnalyticalSkills11Inthefigureabove,thedemandcurveshiftsrightwardfromD0toD1sothatD1istherelevantdemandcurve.Supposethegovernmentimposesarentceilingof$300permonth.Intheshortruntherewillbeashortageof500,000apartments.ashortageof400,000apartments.ashortageof200,000apartments.noshortagenorasurplusofapartments.Answer:CTopic:ARegulatedHousingMarketSkill:AnalyticalQuestionhistory:Previousedition,Chapter6AACSB:AnalyticalSkillsInthefigureabove,thedemandcurveshiftsrightwardfromD0toD1sothatD1istherelevantdemandcurve.Supposethegovernmentimposesarentceilingof$300permonth.Intheshortruntherewillbeaadeadweightlosscreated.areductioninrenters'searchactivities.aneliminationofablackmarket.anincreasednumberapartmentsrented.Answer:ATopic:ARegulatedHousingMarketSkill:AnalyticalQuestionhistory:Previousedition,Chapter6AACSB:AnalyticalSkillsInthefigureabove,thedemandcurveshiftsrightwardfromD0toD1sothatD1istherelevantdemandcurve.Supposethegovernmentimposesarentceilingof$300permonth.Intheshortruntherewillbeashortageandanincreaseinsearchcosts.ashortageandadecreaseinsearchcosts.asurplusandanincreaseinsearchcosts.asurplusandadecreaseinsearchcosts.Answer:ATopic:ARegulatedHousingMarketSkill:AnalyticalQuestionhistory:Previousedition,Chapter6AACSB:AnalyticalSkills12Inthefigureabove,thedemandcurveshiftsrightwardfromDotoDisothatDiistherelevantdemandcurve.Supposethegovernmentimposesarentceilingof$500permonth.IntheshortruntherewillbeA)asurplusofapartments.ashortageof200,000apartments.ashortageof300,000apartments.neitherashortagenorasurplusofapartments.Answer:DTopic:ARegulatedHousingMarketSkill:AnalyticalQuestionhistory:Previousedition,Chapter6AACSB:AnalyticalSkillsUOEFJO=OP)-USXUOEFJO=OP)-USXTheabovefigureshowstheapartmentrentalmarketinBigtown.Atwhatrentwilltherebeneitherashortagenorasurplusofapartments?$1250permonth$1000permonth$750permonth$500permonthAnswer:CTopic:AHousingMarketSkill:RecognitionQuestionhistory:Previousedition,Chapter6AACSB:AnalyticalSkills13TheabovefigureshowstheapartmentrentalmarketinBigtown.Ifseverefloodingresultedinthedestructionofmanyofthecity'sapartmentbuildings,thenthesupplycurveofapartmentswouldshiftleftwardandrentwouldriseabove$750.00.demandcurveforapartmentswouldshiftrightwardandrentwouldriseabove$750.00.equilibriumquantityofapartmentsrentedwouldincreasebeyond3,000.equilibriummarketpriceofapartmentsrentedwouldfallbelow$750.00.Answer:ATopic:TheMarketResponsetoaDecreaseinSupplySkill:AnalyticalQuestionhistory:Previousedition,Chapter6AACSB:AnalyticalSkillsTheabovefigureshowstheapartmentrentalmarketinBigtown.IftheBigtownHousingAuthorityimposesarentceilingof$500permonth,therentceilingwillhelpallrenters.somerentersandhurtotherrenters.alllandlords.somelandlordsandhurtotherlandlords.Answer:BTopic:ARegulatedHousingMarketSkill:AnalyticalQuestionhistory:Modified10theditionAACSB:AnalyticalSkillsTheabovefigureshowstheapartmentrentalmarketinBigtown.IftheBigtownHousingAuthorityimposesarentceilingof$1,000permonth,theceilingwillhelpallrenters.helpsomerentersandhurtotherrenters.helpalllandlords.havenoeffectatallontheBigtownrentalmarket.Answer:DTopic:ARegulatedHousingMarketSkill:AnalyticalQuestionhistory:Modified10theditionAACSB:AnalyticalSkills14TheabovefigureshowstheapartmentrentalmarketinBigtown.Ifthereisashortageof200,000apartmentsintheBigtownrentalmarket,itmightbebecausetheBigtownHousingAuthorityhasimposedarentceilingof$750.00monthly.ceilingof$500.00monthly.floorof$750.00monthly.floorof$500.00monthly.Answer:BTopic:ARegulatedHousingMarketSkill:AnalyticalQuestionhistory:Previousedition,Chapter6AACSB:AnalyticalSkillsTheabovefigureshowstheapartmentrentalmarketinBigtown.IfthemarketisinequilibriumandthentheBigtownHousingAuthorityimposesarentceilingof$500perapartment,whichofthefollowingwouldoccur?adecreaseinthesearchtimeandexpenseoffindinganapartmentanincreaseinthesearchtimeandexpenseoffindinganapartmentanincreaseinproducersurplusbutadecreaseinconsumersurplusanincreaseinefficiencyAnswer:BTopic:SearchActivitySkill:AnalyticalQuestionhistory:Previousedition,Chapter6AACSB:AnalyticalSkillsTheabovefigureshowstheapartmentrentalmarketinBigtown.IftheBigtownHousingAuthorityimposesarentceilingof$500perapartment,thedeadweightlosswillbeA)$1,000,000.B)$500,000.C)$250,000.D)$125,000.Answer:CTopic:InefficiencyofRentCeilingsSkill:AnalyticalQuestionhistory:Previousedition,Chapter6AACSB:AnalyticalSkills15

8007006004000 12 3 4 5 6QuonH^y{thousond*ofopcjrlmertl'ipermonthj8007006004000 12 3 4 5 6QuonH^y{thousond*ofopcjrlmertl'ipermonthjInthefigureabove,originallytheapartmentrentalmarketisinshort-runandlong-runequilibriumwitharentof$600permonth.Thenthegovernmentimposesarentceilingof$500permonth.Therentceilingleadstoashortageof1000apartments.shortageof2000apartments.surplusof1000apartments.surplusof2000apartments.Answer:BTopic:ARegulatedHousingMarketSkill:AnalyticalQuestionhistory:Previousedition,Chapter6AACSB:AnalyticalSkillsInthefigureabove,originallytheapartmentrentalmarketisinshort-runandlong-runequilibriumwitharentof$600permonth.Thenthegovernmentimposesarentceilingof$500permonth,whichcausesashortage.Supposethatapartmentsareanormalgoodandincomesrise.Theincreaseinincomedecreasestheshortage.hasnoeffectontheshortage.increasestheshortage.raisestherent.Answer:CTopic:ARegulatedHousingMarketSkill:AnalyticalQuestionhistory:Previousedition,Chapter6AACSB:AnalyticalSkills16Inthefigureabove,originallytheapartmentrentalmarketisinshort-runandlong-runequilibriumwitharentof$600permonth.Thenthegovernmentimposesarentceilingof$500permonth,whichcausesashortage.Supposethatapartmentsareaninferiorgoodandincomesrise.Theincreaseinincomedecreasestheshortage.hasnoeffectontheshortage.increasestheshortage.raisestherent.Answer:ATopic:ARegulatedHousingMarketSkill:AnalyticalQuestionhistory:Previousedition,Chapter6AACSB:AnalyticalSkillsInthefigureabove,originallytheapartmentrentalmarketisinshort-runandlong-runequilibriumwitharentof$600permonth.Thenthegovernmentimposesarentceilingof$500permonth.Nowsupposethatdemandincreases.Theincreaseindemandresultsinthequantitysuppliedincreasing.stayingthesame.decreasing.increasing,stayingthesame,ordecreasingdependingonhowmuchdemandincreases.Answer:BTopic:ARegulatedHousingMarketSkill:AnalyticalQuestionhistory:Previousedition,Chapter6AACSB:AnalyticalSkillsInthefigureabove,originallytheapartmentrentalmarketisinshort-runandlong-runequilibriumwitharentof$600permonth.Thenthegovernmentimposesarentceilingof$500permonth.Ifthelawisstrictlyenforced,themaximumforwhichanapartmentwillrentontheblackmarketislessthan$600permonth.$600permonth.$700permonth.morethan$700permonth.Answer:CTopic:ARegulatedHousingMarketSkill:AnalyticalQuestionhistory:Previousedition,Chapter6AACSB:AnalyticalSkills17Inthefigureabove,originallytheapartmentrentalmarketisinshort-runandlong-runequilibriumwitharentof$600permonth.Thenthegovernmentimposesarentceilingof$500permonth.Thelossofproducersurplusasaresultofthepriceceilingis$50,000permonth.$250,000permonth.$500,000permonth.morethan$500,000permonth.Answer:BTopic:ARegulatedHousingMarketSkill:AnalyticalQuestionhistory:Previousedition,Chapter6AACSB:AnalyticalSkillsInthefigureabove,originallytheapartmentrentalmarketisinshort-runandlong-runequilibriumwitharentof$600permonth.Thenthegovernmentimposesarentceilingof$500permonth.Thelossofproducersurplusissmallerthanthegaininconsumersurplus.islargerthanthegaininconsumersurplus.isthesamesizeasthegaininconsumersurplus.couldbesmallerthan,largerthan,orthesamesizeasthegaininconsumersurplus.Answer:BTopic:ARegulatedHousingMarketSkill:AnalyticalQuestionhistory:Previousedition,Chapter6AACSB:AnalyticalSkillsInthefigureabove,originallytheapartmentrentalmarketisinshort-runandlong-runequilibriumwitharentof$600permonth.Thenthegovernmentimposesarentceilingof$500permonth.Thedeadweightlossisbornebytheproducersonly.theconsumersonly.allproducersandsomeconsumers.allconsumersandsomeproducers.Answer:CTopic:ARegulatedHousingMarketSkill:AnalyticalQuestionhistory:Previousedition,Chapter6AACSB:AnalyticalSkills18

oc500oc500ThefigureshowsthemarketforrentalunitsinGladstone.Themarketisinequilibrium.Thegovernmentnowintroducesarentceilingof$500amonth.Thepriceofarentalunitandthenumberofunitsrented .A)increasesby$500permonth;decreasesB)increasesby$100permonth;increasesC)decreasesby$100permonth;decreasesD)remainsthesame;remainsthesameAnswer:CTopic:ARegulatedHousingMarketSkill:ConceptualQuestionhistory:Previousedition,Chapter6AACSB:AnalyticalSkills1901234567891011QucmHty(thcusondiofunilspermontbi)Intheabovefigure,arentceilingof$300permonthwouldA)notaffecttheequilibriumquantity.resultinasurplusof7000units.resultinashortageof7000units.resultinashortageof2000units.Answer:CTopic:ARegulatedHousingMarketSkill:AnalyticalQuestionhistory:Previousedition,Chapter6AACSB:AnalyticalSkillsIntheabovefigure,arentceilingof$500permonthwouldA)notaffecttheequilibriumquantity.createashortage.raisetherentandcauseasurplus.reducetherentandcreateasurplus.Answer:ATopic:ARegulatedHousingMarketSkill:AnalyticalQuestionhistory:Previousedition,Chapter6AACSB:AnalyticalSkills20Q】23456Quenhty(thousondiofOfKirhnenlspermon补］ThefigureaboveshowsthedemandforandsupplyofrentalhousinginSmallton.Ifarentceilingissetat$800,howmanyapartmentunitsarerented?A)2,000B)3,000C)4,000D)Noneoftheaboveanswersiscorrect.Answer:BTopic:ARegulatedHousingMarketSkill:AnalyticalQuestionhistory:Previousedition,Chapter6AACSB:AnalyticalSkillsThefigureaboveshowsthedemandforandsupplyofrentalhousinginSmallton.Ifarentceilingissetat$800,whatistherent?$800$600$400Noneoftheaboveanswersiscorrect.Answer:BTopic:ARegulatedHousingMarketSkill:AnalyticalQuestionhistory:Previousedition,Chapter6AACSB:AnalyticalSkills21ThefigureaboveshowsthedemandforandsupplyofrentalhousinginSmallton.Ifarentceilingissetat$800,thereisashortageof3,000unitsofrentalhousing.ashortageof6,000unitsofrentalhousing.asurplusof3,000unitsofrentalhousing.neitherashortagenorasurplusofrentalhousing.Answer:DTopic:ARegulatedHousingMarketSkill:AnalyticalQuestionhistory:Previousedition,Chapter6AACSB:AnalyticalSkillsThefigureaboveshowsthedemandforandsupplyofrentalhousinginSmallton.Ifarentceilingissetat$400,howmanyapartmentunitsarerented?A)2,000B)3,000C)4,000D)Noneoftheaboveanswersiscorrect.Answer:ATopic:ARegulatedHousingMarketSkill:AnalyticalQuestionhistory:Previousedition,Chapter6AACSB:AnalyticalSkillsThefigureaboveshowsthedemandforandsupplyofrentalhousinginSmallton.Ifarentceilingissetat$400,whatistherent?$800$600$400Noneoftheaboveanswersiscorrect.Answer:CTopic:ARegulatedHousingMarketSkill:AnalyticalQuestionhistory:Previousedition,Chapter6AACSB:AnalyticalSkillsThefigureaboveshowsthedemandforandsupplyofrentalhousinginSmallton.Ifarentceilingissetat$400,thereisashortageof4,000unitsofrentalhousing.ashortageof2,000unitsofrentalhousing.asurplusof3,000unitsofrentalhousing.neitherashortagenorasurplusofrentalhousing.Answer:BTopic:ARegulatedHousingMarketSkill:AnalyticalQuestionhistory:Previousedition,Chapter6AACSB:AnalyticalSkills22ThefigureaboveshowsthehousingmarketinthecityofAppleville.Arentceilingof$650permonthisimposed.Withtherentceiling,thequantityofhousingrentedinApplevilleisA)200unitsbelowtheefficientlevel.100unitsabovetheefficientlevel.300unitsbelowtheefficie