The Mayor of NYC Convinced the Rent Guidelines Board to Approve

question 84

Multiple Choice

The mayor of NYC convinced the Rent Guidelines Board to approve a rent freeze.Landlords complained,but could not change it.This is an example of the

• A) relationship of the employee to the environment.
• B) relationship of the employee to the firm.
• C) relationship of the firm to the employee.
• D) relationship of the firm to other economic agents.
• E) relationship of the firm to its competitors.

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Definitions:

Deadweight Loss

Failure to reach free market equilibrium for a good or service leads to a loss in economic efficiency.

Labor Supply

The total hours that workers are willing and able to work at a given rate of pay, across different job markets or sectors.

Laffer Curve

A theoretical representation showing the relationship between tax rates and government revenue, positing that there is an optimum tax rate that maximizes revenue.

Laffer Curve

A theoretical representation of the relationship between tax rates and tax revenue, suggesting there is an optimal tax rate that maximizes revenue.