1. The Compesation for a business owner's time and money make up

A. Normal Profits

B. Implicit Profits

C. Average Profits

D. Explicit Profits

2. The outcomes of well-functioning markets

A. Are Efficient and equitable

B. Are such that the Marginal benefit of sellers matches the marginal benefit of buyers

C. Deliver output to those most willing and able to pay

D. Are such that all sellers have the same marginal costs.

3. At a government rent ceiling there will be

A. Frustrated landlords who can no longer find teanats

B. An increase in the supply of rental housing

C. landlords who have the upper hand in dealings with tenants

D. more construction of rental housing