HW2_due0922 - Due date for HW2 is at the beginning of the...

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Due date for HW2 is at the beginning of the class on Wednesday, Sept. 22 nd . Please use word processor for the short answer questions in Part II to type out your answers. You can draw the graphs by hand . Please staple your work. You can work in groups and you are encouraged to do so. However, you need to hand in your own work for credits. Please write down the names of your group members. Not following the rules will result in point deduction as a penalty. HW2 (Chapter 3 and Chapter 6 - Price Ceiling, Price Floor and Tax Incidence) Part I. Multiple Choice Questions – Choose the best answer. (40%) 1. The above figure shows the demand and supply curves for housing in City B. What would be the effects of a rent ceiling equal to $1000 per month? A) a surplus equal to 3000 apartments B) a surplus equal to 250 apartments C) a shortage equal to 3000 apartments D) nothing because the rent ceiling has no effect on the equilibrium price and quantity 2. Search activity ________. A) occurs there is a surplus of the good
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HW2_due0922 - Due date for HW2 is at the beginning of the...

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