A liability for a commercial bank is its demand deposits
a. true
b. false
Ans: a. true
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What can, in general, be said about a monopoly's supply curve?
a. A monopoly's supply curve, like that for a competitive firm, coincides with its marginal cost curve. b. A profit-maximizing monopoly will operate only on the elastic portion of its supply curve. c. The monopoly's supply curve is more inelastic than if the firm were competitive. d. The concept of a supply curve is meaningless in the context of the monopoly problem.
Marti wanted to replenish her wardrobe and went to the $30 rack at K-Mart. There she saw three stylish dresses. She was delighted because she would have been willing to pay $40 for the first dress, $35 for the second dress, and $30 for the third dress. She bought all three. Which of the following is correct?
a. Only the third dress sold for its price. b. The consumer surplus she derived was $90. c. The consumer surplus she derived was $105. d. The consumer surplus she derived was $15. e. The consumer surplus she derived was zero because, for the third, price was exactly what she was willing to pay.
Why do many economists rate the income tax high in efficiency and equity terms?
Suppose that the buyers of bread higher incomes and bread is a normal good. In the market for bread, this will cause the ________ and the equilibrium price to ________.
A. supply of bread to decrease; increase B. supply of bread to increase; decrease C. demand for bread to decrease; increase D. demand for bread to increase; increase