A change in the quantity demanded of a product is the result of a change in
A) consumer income. B) the price of the product.
C) the cost of producing the product. D) the price of related goods.
B
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An external BENEFIT occurs when
A. some of the benefits derived from the production or consumption of some good or service are enjoyed by a third party. B. the production or consumption of some good or service inflicts costs on a third party without compensation. C. private costs exceed social costs. D. private benefits exceed private benefits.
Suppose the people in my town hear a rumor that their local bank is in trouble and all rush to withdraw money from the bank. This is referred to as:
A. a moral hazard problem. B. leverage. C. a bank run. D. a bad precedent problem.
A monopsonistic employer's marginal resource (labor) cost curve:
A. is always more elastic than the labor supply curve. B. coincides with the labor supply curve. C. lies below the labor supply curve because the higher wage paid to an additional worker must also be paid to all other employed workers. D. lies above the labor supply curve because the higher wage paid to an additional worker must also be paid to all other employed workers.
Banks can hold required reserves either as cash or as deposits at the Fed.
Answer the following statement true (T) or false (F)