In Nigeria, the government can reduce the cost of accommo...
In Nigeria, the government can reduce the cost of accommodation by fixing the rent
At the prevailing rate
At the equilibrium price
Above the equilibrium price
Below the equilibrium price
Correct answer is D
The government can reduce the cost of accommodation by fixing the rent at a maximum price. Maximum prices occur when a government sets a legal limit on the price of a good or service – with the aim of reducing prices below the market equilibrium price.
Governments try to control the rate charged for rent by keeping the cost of renting below a certain level. However,
setting the price below equilibrium maximum will cause a shortage – demand will be greater than supply.
The concentration of many firms of a particular industry in a particular area is known as ...
Population Statistics of a Country. The dependency ratio between 1960 and 1990 is ...
The practice of selling goods overseas and often below the cost of production is known as ...
If a total cost curve is plotted, marginal cost can be illustrated by the ...
Which of the following item is not included in measuring national income by the income approach? ...
A characteristic of the linear production function is that ...
One of the functions money is that, it helps ...
The ranking of a consumer’s need in order of importance is termed ...
The long-run average cost curve touches to the short-run average cost curves at the ...