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D. all of the above<br />
Question 18 of<br />
5.0/ 5.0 Points<br />
20<br />
The conclusion that the level of output is efficient at the market equilibrium rests on all of the<br />
following assumptions EXCEPT that __________ .<br />
A. buyers and sellers are well-informed<br />
B. there are no external costs or benefits<br />
C. the government regulates price and<br />
output<br />
D. the market is perfectly competitive<br />
Question 19 of<br />
5.0/ 5.0 Points<br />
20<br />
Recall the application on rent control and mismatches. Under rent control, the government sets a<br />
maximum price for housing, decreasing the quantity supplied and the total value of the market.<br />
Rent control and other maximum prices cause __________ and possibly __________ .<br />
A. inefficiency;<br />
mismatches<br />
B. efficiency: mismatches<br />
C. mismatches: equilibrium<br />
D. none of the above<br />
Question 20 of<br />
5.0/ 5.0 Points<br />
20<br />
Suppose you receive a consumer surplus of $50. The $50 represents __________ .<br />
A. a monetary payment from the store
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