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slega [8]
3 years ago
15

The competitive equilibrium rent in the city of Lowell is currently​ $1,000 per month. The government decides to enact rent cont

rol and to establish a price ceiling for apartments of​ $750 per month. Briefly explain whether rent control is likely to make each of the following people better or worse off.
Someone is currently renting an apartment in lowell
Someone who will be moving to Lowell next year and who intends to rent an apartment
A landlord who intends to abide by the rent control law
A landlord who intends to ignore the law and illegally charge the highest rent possible for his apartments
Business
1 answer:
Zarrin [17]3 years ago
3 0

Answer:

The answers are:

  1. For someone who is currently renting an apartment, he or she should be better off with rent control as long as they keep renting the same apartment. They will pay a lower price.
  2. For someone who is moving to Lowell, he or she will be worse off because the quantity supplied for apartments on Lowell will decrease (price ceilings always decrease the quantity supplied). So it will be very hard for him to find a suitable apartment.
  3. For the landlord that abides by the law, he will be worse off because he will lose money. He should be earning more money but due to the rent control, his earnings decrease.
  4. For the landlord that decides to ignore the, he will eventually be worse off by his actions, since illegal activities always have a sour ending. He will eventually be caught and will probably have to pay a fine of some sort.

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Income streams such as photography and merchandise will be useful for the business is described below in detail.

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The practices of photography are broad and therefore the businesses are extensive. the actuality is that if you are to sustain as an expert photographer today, and if you are to have the sources to proceed with what you are really enthusiastic about, then that often includes being open to, and actively evolving, various income streams, not all of which you will be uniformly passionate about.

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The correct answer is letter "C": international.

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If monopolistic competitors must expect a process of entry and exit like perfectly competitive firms,.
nikitadnepr [17]

If monopolistic competitors must expect a process of entry and exit like perfectly competitive firms, they will be unable to earn higher-than-normal profits in the long run.

<h3>What is a monopolistic competition?</h3>

A monopolistic competition is an industry characterised by many sellers of differentiated goods and services. A monopolistic competition has characteristics of both a monopoly and a perfect competition. A monopolistic competition sets the price for its goods and services. A monopolistic competition makes economic profit in the long run. An example of monopolistic competition are restaurants

A perfect competition is an industry characterized by many buyers and sellers of identical goods and services. Market prices are set by the forces of demand and supply. In the long run, firms earn zero economic profit due to no barriers to the entry and exit of firms.

Here are the options:

A. they will be unable to earn higher-than-normal profits in the short run. O B. they will wish to cooperate to make decisions about what price to charge.

OC. they will wish to cooperate to make decisions about what quantity to produce.

O D. they will be unable to earn higher-than-normal profits in the long run.

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The feature that differentiates monopolistic competition from monopolies and oligopolies is that monopolistically competitive fi
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Monopolistically competitive firms (A) cannot influence the market price by virtue of their size alone while monopolies and oligopolies can.

<h3>What is a monopoly?</h3>
  • A monopoly occurs when there is a single seller in the market.
  • The monopoly case is considered the polar opposite of perfect competition in conventional economic theory.
  • The demand curve facing the monopolist is, by definition, the industry demand curve, which is downward sloping.
<h3>What is oligopoly?</h3>
  • Oligopolistic markets are characterized by a small number of suppliers.
  • They can be found in all nations and in a wide range of industries.
  • Some oligopoly markets are very competitive, whereas others are substantially less so, or appear to be.

Monopolistically competitive enterprises, unlike monopolies and oligopolies, cannot influence market prices only through their size.

Therefore, monopolistically competitive firms (A) cannot influence the market price by virtue of their size alone while monopolies and oligopolies can.

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Correct question:

The feature that differentiates monopolistic competition from monopolies and oligopolies is that monopolistically competitive firms.

(A) cannot influence the market price by virtue of their size alone.

(B) are price takers.

(C) do not have a price as a decision variable.

(D) benefit from barriers to entry.

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  • Involuntary Alienation. Involuntary alienation is the transfer of real estate by law and without the owner's consent.
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Which of the following is an involuntary alienation of property?

A grantor does not wish to be responsible for defects in the title that arise from previous owners but will guarantee the title for the time the grantor has the ownership.

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Involuntary Alienation. Involuntary alienation is the transfer of ownership without consent and control of the owner.

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