Rent controls force landlords to price apartments below the equilibrium price level. An immediate effect is a shortage (excess demand) of apartments, because the quantity of apartments demanded is greater than the quantity supplied at the regulated price. When cities prevent landlords from charging market rents, which of the following are common long-run outcomes? Check all that apply. The quality of rental housing units falls. Black markets develop. Nonprice methods of rationing emerge. The quantity of available rental housing units falls.
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- Rent controls force landlords to price apartments below the equilibrium price level. An immediate effect is a shortage (excess demand) of apartments, because the quantity of apartments demanded is greater than the quantity supplied at the regulated price. When cities prevent landlords from charging market rents, which of the following are common long-run outcomes? Check all that apply. The future supply of rental housing units increases. Efficient use of housing space results. Nonprice methods of rationing emerge. The quantity of available rental housing units falls. Note:- Please avoid using ChatGPT and refrain from providing handwritten solutions; otherwise, I will definitely give a downvote. Also, be mindful of plagiarism. Answer completely and accurate answer. Rest assured, you will receive an upvote if the answer is accurate.Rent controls force landlords to price apartments below the equilibrium price level. An immediate effect is a shortage (excess demand) of apartments, because the quantity of apartments demanded is greater than the quantity supplied at the regulated price. When cities prevent landlords from charging market rents, which of the following are common long-run outcomes? Check all that apply. The future supply of rental housing units increases. Efficient use of housing space results. Nonprice methods of rationing emerge. The quantity of available rental housing units falls. Step by step with explanation answer.Rent 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.
- When landlords are prevented by cities from charging market rents, which of the following listed outcomes are common in the long run? Check all that apply. The quantity of available rental housing units falls. The future supply of rental housing units increases. Landlords earn lower profits from renting housing units, but the rent charged has no effect on either the quantity or quality of rental units. Nonprice methods of rationing emerge.The widget market is competitive and includes no transaction costs. Five suppliers are willing to sell one widget at the following prices: $22, $12, $8, $4, and $2 (one seller at each price). Five buyers are willing to buy one widget at the following prices: $8, $12, $22, $30, and $38 (one buyer at each price). In this market, the equilibrium price will be per widget, and the equilibrium quantity will be ? widgets.Supply and demand curves for an item of medical equipment are shown in the graph below. In order to compete with a new product by a rival company, the price is temporarily lowered to $20,000. What is the reduction (from equilibrium) in producer surplus that results from this artificially low price?
- If firms producing the profit maximizing level of output experience total revenue less than total cost, the market supply will multiple choice increase and equilibrium price will decrease. decrease and equilibrium price will increase. decrease and equilibrium price will decrease. increase and equilibrium price will increase.The widget market is competitive and includes no transaction costs. Five suppliers are willing to sell one widget at the following prices: $30, $29, $20, $16, and $12. Five buyers are willing to buy one widget at the following prices: $10, $12, $20, $24, and $29. What is the equilibrium price and quantity?If a single supplier produces such a small portion of the total market output that changes in its production have no impact on the overall market price: the firm will eventually be forced out of business. the firm's supply curve is perfectly inelastic. demand for the firm's output is perfectly elastic. the market supply curve is horizontal.
- The equilibrium price means that the supply and demand for a product are in balance.True or FalseConsider the competitive market for production of a chemical as shown in the diagram below. This setup will apply to this question and the next two questions. P ($/gallon) Demand: P=220-Q/100 0 Supply: P = Q/400 Q (gallons) Production of this chemical produces noxious odors that impact the health of the communities surrounding the production facilities. It is well known that every gallon produced increases health costs in society, but there is a lot of argument over how much health costs increase. In reality the number is that health costs increase by $3 per gallon produced, but that it hard to discover. If the government does not intervene in this market, what will be the total surplus for society in this market (including the $3 per gallon health costs)? Please do not round at any step of any calculation. Do not round your final answer.Price GF E D BA Quantity S₁ S D 44 Refer to the provided supply and demand graph for a product. In the graph, line S is the current supply of this product, while line S₁ is the optimal supply from the society's perspective. This figure suggests that there is (are) h external costs in the production of this product. currently an underallocation of resources toward producing this product. external benefits from the production of this product. positive externalities from producing the product.