An administered price is a price
a. set by overall demand and supply.
b. established by a seller.
c. set by the government.
d. determined through collective bargaining.
b. established by a seller.
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The difference between the marginal benefit from a new pair of shoes and the price of the new pair of shoes is
A) the consumer surplus from that pair of shoes. B) what we get. C) what we have to pay. D) the price when the marginal benefit is maximized. E) the consumer's expenditure on the shoes.
In the above figure, the profit-maximizing rate of production for the perfectly competitive firm is
A) 5. B) 10. C) 13. D) none of the above.
Which of the following is true, other things equal?
a. A reduction in prices will increase the real wealth of those holding a fixed quantity of money. b. A reduction in prices will lead to a decline in net exports. c. A reduction in prices will increase the scarcity of money, raise the real interest rate, and, thereby, encourage investment and consumption. d. A reduction in prices will increase profit margins and, thereby, stimulate additional investment.
One of the main purposes of the Fed's reserve requirements is to
A. provide cash flow for business firms. B. provide sources for foreign exchange. C. provide sources for foreign investments. D. regulate the lending ability of member banks.