chapter 3 & 4 quiz

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Some people choose to live close to the city​ center; others choose to live away from the city center and take a longer commute to work every day. Does this mean that those who stay away from the city center are being​ irrational?

No, because their opportunity cost of commuting must be lower

Which of the following statements are​ true? ​(Check all that apply.​)

A. A government price control can be used to bring markets into equilibrium. B. A government price control will always cause the quantity demanded to exceed the quantity supplied. C. Equilibrium is attained when prices are allowed to respond to market pressure. D. A binding price ceiling will always cause the quantity demanded to exceed the quantity supplied (C and D only)


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