Short-run effects of eliminating rent control on apartments

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The best answers eliminate the puzzle concisely.

1. Explain the short-run effects of eliminating rent control on apartments.

2. In a competitive industry, with competitive supplies of labor and capital goods which have only normal gains, which factor obtains the "producer surplus"? What is the economic effect of taxing this surplus?

3. Is there anything a government can do to increase the productivity of an industry with a competitive free market? Explain.

4. How does a minimum wage function as a tax? Who is taxed? Who ultimately pays this tax? Is there a better way to increase the income of low-wage workers than imposing a minimum wage? Explain.

Reference no: EM13984038

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