Rent controls in new york city cause all of the

Info icon This preview shows pages 10–13. Sign up to view the full content.

27. Rent controls in New York City cause all of the following except : A) wasted resources resulting from the opportunity cost of time associated with trying to find an apartment. B) black markets. C) an increase in the quantity supplied of rent-controlled apartments. D) inefficiently low quality.
Image of page 10

Info icon This preview has intentionally blurred sections. Sign up to view the full version.

ECON 2106 Shelby Frost Exam 1 1:00 pm TR Spring 2008 Version A Page 9 28. The production possibilities frontier is bowed-out from the origin, because: 29. Market equilibrium occurs when: 30. The cost of going to college is: 31. Which of the following influences does NOT shift the supply curve? A) a decrease in the price firms expect to receive in the future B) a rise in the wages paid workers C) development of new technology D) people deciding that they want to buy more of the product. 32. Rapidly increasing health costs have been a major political concern since at least 1992. Suppose that to control rising health costs the government sets the maximum price for a normal doctor's visit at $20, but the current market price is $40. Then: 33. Which of the following is a normative statement?
Image of page 11