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Describe any Pros or Cons to Rent Control in the Short-Run.
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- To protect the well-being of the tenants, some legislators in Hong Kong suggest imposing a rent control. Explain the effects of a rent control on the market for rental housing, changes in the behavior of the landlords as a result of, and explain why these imply inefficiency.Housing shortages caused by rent controls are larger in the long run because the supply of housing is more elastic in the long run. True O FalseRent controls force landlords to price property below the equilibrium price level. An effect of this is to create a shortage (excess demand) of rental property, as the quantity of rental property demanded is greater than the quantity supplied at that price. When legislation prevents landlords from charging market rents, what can happen in the long run as a result? Check all that apply. The quantity of available rental housing units falls. The future supply of rental housing units increases. An underground economy develops. Landlords earn lower profits from renting housing units, but the rent charged has no effect on either the quantity or quality of rental units.
- Describe rent control in the long run. (Cons of it).What will be the result of an decrease in a price ceiling for gasoline? Group of answer choices The quantity will decrease because the quantity demanded will decrease. The quantity will remain the same; only the price will change. The quantity will increase because the quantity demanded will increase. The quantity will decrease because the quantity supplied will decrease.What are the main characteristics of a lean supply system?
- The equilibrium price means that the supply and demand for a product are in balance.True or FalseWhat happens when capacity exceeds market demand?Consider a perfectly competitive market with a price ceiling imposed by the government. If the deadweight loss is positive and the government decides to increase the price ceiling, then the deadweight loss will A) increase. B) decrease. C) stay the same. D) disappear.
- Please answer in paragraphs. Rate wil be given! What would happen if the government imposes a price ceiling on oil and gas prices, how would this affect the market in terms of demand and supply? Would this work?In an unregulated, competitive market we could calculate consumer surplus if we knew the equations representing supply and demand. For this problem assume that supply and demand are as follows: Supply P = 4 + 0.116Q Demand P = 25 - 0.10Q where P represents unit price in dollars and Q represents the number of units sold each year. Calculate the annual value of aggregate consumer surplus.Other things held constant, the lower the price of a good Multiple Choice the higher the supply. the lower the producer surplus. the greater the producer surplus. the lower the supply.