Which of the following is responsible for invoking the Fed's emergency powers?
A. FOMC
B. a majority of the Federal Reserve Bank presidents
C. Board of Governors
D. Fed Chairman
Answer: C
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If marginal revenue is negative then the revenue lost from receiving a lower price on all the units that could have been sold at the original price is smaller than the additional revenue from selling one more unit of the good
Indicate whether the statement is true or false
A bond is
A) a claim on the assets of a corporation such that the purchaser has an ownership right in the corporation. B) anything of value to which the firm has a legal claim. C) a means of assuring that the business firm will pay its debts or fulfill other legal obligations. D) a promise to pay for the use of someone else's money.
Farouk owns a family portrait studio. Three months ago, he spent $2,000 on a new Wizard-brand camera, with the expectation that it would make his photo shoots go faster and enable him to serve more customers. However, the Wizard camera has proven to be so difficult to use that it is slowing him down and costing him business. Farouk is now trying to decide if he should purchase a Sorceress-brand camera to replace the Wizard camera. In this scenario, what is Farouk’s sunk cost?
a. the business Farouk lost because of his new camera b. the price of the Sorceress camera c. the price of the Wizard camera d. the time it would take Farouk to master the Wizard camera
What is an economic model?
What will be an ideal response?