"Demand deposits" in commercial banks are
A) assets of both the non-bank public and the banks.
B) assets of the depositors and liabilities of the banks.
C) liabilities of the non-bank public and of the banks.
D) liabilities of the non-bank public and assets of the banks.
B
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Being a member of a cartel is similar to being in a Prisoner's Dilemma situation because
a. each firm is being held hostage by the decisions of the other firms. b. of anti-trust laws which make price fixing a criminal offense. c. to obtain the best possible outcome for all, an enforcement mechanism is needed. d. of the presence of organized crime in industries with cartels.
The total cost of production equals
a. average total cost + average variable cost b. average total cost + average fixed cost c. average variable cost + average fixed cost d. total fixed cost + total variable cost e. marginal cost + total variable cost
The short run is characterized by:
A. increasing, but not diminishing, returns. B. at least one fixed resource. C. zero fixed costs. D. plenty of time for firms to either enter or leave the industry.
Let the production function be q = ALaKb. The function exhibits increasing returns to scale if
A) a + b = 1. B) a + b > 1. C) a + b < 1. D) Cannot be determined with the information given.