EC 201 Quiz 3 - 1. Rent controls in New York City cause all...

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1. Rent controls in New York City cause all of the following except :
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an increase in the quantity supplied of rent-controlled apartments. 2. Figure: Supply and Demand Reference: Ref 4-2 (Figure: Supply and Demand) In the market shown in this figure, a price ceiling of P 3 causes: a shortage equal to the distance DE. 3. Figure: Market for Clams Reference: Ref 4-3 (Figure: Market for Clams) In this figure, the government wants to limit sales of clams to 1000 lbs. A quota or an excise tax may achieve this. If an excise tax is imposed on sellers, then the amount of the tax will be _______ and the total tax revenue generated will be ________. $2.50, $2,500
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4. Table: Market for Fried Twinkies Market for Fried Twinkies Price (unit) Quantity demanded (units) Quantity supplied (units) $1.10 9,000 3,000 1.20 8,000 5,000 1.30 7,000 7,000 1.40 6,000 9,000 1.50 5,000 1,100 Reference: Ref 4-4 (Table: Market for Fried Twinkies) Suppose the government decides to reduce fried Twinkie consumption as part of a “War on Obesity.” After careful study, the government
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EC 201 Quiz 3 - 1. Rent controls in New York City cause all...

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