Refer to the figure above. When the demand curve for flash drives is D and the supply curve of flash drives is S1, the equilibrium price is:
A) $3.
B) $4.
C) $5.
D) $7.
C
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When the price of a good is higher than the equilibrium price,
a. a shortage will exist. b. buyers desire to purchase more than is produced. c. sellers desire to produce and sell more than buyers wish to purchase. d. quantity demanded exceeds quantity supplied.
The interest rate private banks charge each other for lending reserves is called the federal funds rate.
a. true b. false
If purchasing-power parity holds, when a country's central bank decreases the money supply, its
a. price level rises and its currency appreciates relative to other currencies in the world. b. price level falls and its currency appreciates relative to other currencies in the world. c. price level rises and its currency depreciates relative to other currencies in the world. d. price level falls and its currency depreciates relative to other currencies in the world.
A reaction function is
A) companies colluding in order to make higher than competitive rates of return. B) the manner in which one oligopolist reacts to a change in price made by another oligopolist in the industry. C) a game in which firms will not negotiate in any way. D) when plans made by firms are known as game strategies.