Question

Kable below for the apartment rental market in Kupinatown Tid 43: Quantity Demanded 375 000 350 000 325 000 Quantity Supplied 225 000 250 000 275 000 300 000 300000 325000 350 000 275 000 250 000 1000 nt quantity of apartment units is b.275,000 S. 300,000 d. 325,000 of the following is a FALSE statement? rent ceiling of $700 is effective but inefficient. rent ceiling of $600 results in a surplus of 100,000 units. A rent ceiling of $700 results in a shortage of 50,000 units. A rent ceiling of $600 results in a deadweight loss but a ceiling of $800 does not hich of the following is a FALSE statement? a. The benefit principle of taxation is the idea that public expenditure should be paid for by the people who most benefit from it. b. The Big Mac that you purchase and consume from McDonald's is an example of a rival and non-excludable good. c. Governments impose Pigovian taxes on consumers of products such as cigare and alcohol with the goal of reducing consumption through higher prices. d. The "tragedy of the commons" refers to the phenomenon where people ove common resources. the following statements is FALSE? na price ceiling in the labour market. widence of minimum wage workers in Cay workers in Canada is higher for hose that have a Colle shove the equ

Answer 1

1. The efficient quantity of the apartment is the equilibrium quantity. At this equilibrium quantity the quantity demanded for apartments is equal to the quantity supplied and it is equal to 300000 units.

2. The taxes imposed on alcohol and cigarette is called as Sin Tax. A sin tax is an excise tax specifically levied on certain goods deemed harmful to society and individuals. It is imposed to increase the prices of the goods so that people are not able to buy them. Sin taxes are imposed to discourage internalities, or negative effects that occur for the user.

3. A minimum wage is Price Floor in the labor market. A price floor is a government or group imposed price control or limit on how low a price can be charged for a product, good, commodity or service. This is done to safeguard the interests of the society.

4.Currently the province with the highest minimum wage is Alberta with minimum hourly wage of about $15.00.