1. The government of Country SAQF imposes a rent control on apartments. Suppose the equilibrium rent, P*, is $500 an apa

[answerhappygod]

1. The government of Country SAQF imposes a rent control on
apartments. Suppose the equilibrium rent, P*, is $500 an
apartment. Which of the following is a price ceiling?
$800
$300
$500.
2. Which of the following would be most likely to have a
price-elasticity of demand that is almost perfectly price
inelastic:
Recreation (fun outside)
Private education.
Narcotics (illegal drugs).
3. Suppose the price of WTI oil decreased from $90/barrel
to $50/barrel and the world quantity supplied decreased
(Qd) from 94.5 million a day to 93 million
barrels. The slope of the direct supply is
0.0375
0.452
405
4. How do businesses deal with the consequences of a price
floor?
They provide less service for the same price.
They charge for things that were provided for free before the
floor.
They rebrand the surplus and sell it at a lower price.