Excess reserves are
A. Total reserves less required reserves.
B. Total reserves less transactions account balances.
C. Bank reserves in excess of vault cash.
D. Required reserves less demand deposits.
Answer: A
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In the long run, which of the following conditions is true for a monopolistically competitive firm?
A. P > AC and MR = MC. B. P = MC and MR > AC. C. P = AC and MR = MC. D. P > MR and P > AC.
In the long run, all of a firm's costs are variable. In this case the exit criterion for a profit-maximizing firm is to shut down if
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Describe how the substitution effect and the income effect influence decisions
What will be an ideal response?
Higher deductibles for employer-provided health care will tend to shift the ________ curve for medical services to the ________
A) supply; left B) supply; right C) demand; left D) demand; right