During the Great Depression in the early 1930s,
a. bank runs closed many banks.
b. the money supply rose sharply.
c. the Fed decreased reserve requirements.
d. both a and b are correct.
a
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All straight-line demand curves have the same elasticity value since the slope is constant.
Answer the following statement true (T) or false (F)
If the private-sector wage of biologists was significantly greater than that of music professors, what might happen if a university tried to pay its entire faculty the same salary?
If real salaries decrease but norminal salaries do not this means that
A) the purchasing power of money has decreased. B) prices have not changed. C) prices have risen. D) prices have fallen.
Economists agree that a monopolistically competitive market structure
A) lowers consumer utility because consumers pay a price higher than the marginal cost of production. B) is detrimental to society because it leads to a waste of scarce resources. C) benefits consumers because firms produce products that appeal to a wide range of consumer tastes. D) can eliminate any excess capacity if all firms in the industry devote more funds to differentiating their products.