Use the Following to Answer Questions

question 43

Multiple Choice

Use the following to answer questions:
Table: Market for Apartments
-(Table: Market for Apartments) Look at the table Market for Apartments. If a price ceiling of $900 is imposed on this market, the result will be an inefficiency in the form of a _____ million apartments.

• A) surplus of 0.6
• B) shortage of 0.6
• C) surplus of 0.2
• D) shortage of 0.2

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Definitions:

Profit-Sharing Program

An incentive scheme whereby employees receive a share of the company’s profits, usually in addition to their regular salary.

Tons

A unit of weight equivalent to 2,000 pounds in the United States (short ton) or 2,240 pounds in the United Kingdom (long ton).

Quality

The standard of something as measured against other things of a similar kind; the degree of excellence of something.

Extremely Diverse

Referring to a broad spectrum of differences among people or entities, including but not limited to culture, ethnicity, opinions, and skills.