According to the Markets and Prices Video,insufficient Housing Was a Problem

question 12

Multiple Choice

According to the Markets and Prices video,insufficient housing was a problem after World War II because the

• A) United States experienced excessive numbers of people immigrating from Europe and Japan whose housing had been destroyed by the war.
• B) depression and mobilization of resources to fight World War II resulted in little housing construction for over 15 years.
• C) supply of housing exceeded the demand for housing, pushing prices up.
• D) unionization of construction workers shifted the supply curve of housing to the left, resulting in higher prices.
• E) availability of land in and around major U.S. cities was severely limited because of past development.

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Definitions:

Imperfect Competitor

A firm or entity that has some control over the market price of its product because it does not operate in a perfectly competitive market.

Perfect Competitor

A theoretical market structure where many firms offer identical products, firms are price takers, and there are no barriers to new firms entering the market.

Imperfect Competitor

A market participant who does not follow the norms of perfect competition, possibly due to having some control over prices or market share.

MRP

The additional revenue a firm earns by employing one more unit of input, assuming other inputs remain constant, often used in the context of labor.