Question 12.12. A surplus of a product will arise when price is above equilibrium with the result that quantity demanded exceeds quantity supplied. above equilibrium with the result that quantity supplied exceeds quantity demanded. below equilibrium with the result that quantity demanded exceeds quantity supplied. below equilibrium with the result that quantity supplied exceeds quantity demanded. Question 13.13. Which of the following is a consequence of rent controls established to keep housing affordable for the poor? Less rental housing is available as prospective landlords find it unprofitable to rent at restricted prices. The quality of rental housing declines as landlords lack the funds and incentive to maintain properties. Apartment buildings are torn down in favor of office buildings, shopping malls, and other buildings where rents are not controlled. All of the above are consequences of rent controls. Question 14.14. A headline reads "Lumber Prices Up Sharply." In a competitive market, this situation would lead to a(n) increase in the price and quantity of new homes. decrease in the price and quantity of new homes. increase in the price of new homes and decrease in quantity. decrease in the price of new homes and increase in quantity.
Question 12.12. A surplus of a product will arise when
above equilibrium with the result that quantity
above equilibrium with the result that quantity supplied exceeds quantity demanded.
below equilibrium with the result that quantity demanded exceeds quantity supplied.
below equilibrium with the result that quantity supplied exceeds quantity demanded.
Question 13.13. Which of the following is a consequence of rent controls established to keep housing affordable for the poor?
Less rental housing is available as prospective landlords find it unprofitable to rent at restricted prices.
The quality of rental housing declines as landlords lack the funds and incentive to maintain properties.
Apartment buildings are torn down in favor of office buildings, shopping malls, and other buildings where rents are not controlled.
All of the above are consequences of rent controls.
Question 14.14. A headline reads "Lumber Prices Up Sharply." In a competitive market, this situation would lead to a(n)
increase in the price and quantity of new homes.
decrease in the price and quantity of new homes.
increase in the price of new homes and decrease in quantity.
decrease in the price of new homes and increase in quantity.
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