The large number of banks in the United States is an indication of
A) vigorous competition within the banking industry.
B) lack of competition within the banking industry.
C) only efficient banks operating within the United States.
D) consumer preference for local banks.
B
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When Frankie spends all his money in such a way that the marginal utility per dollar is the same for all final purchases of products he consumes, Frankie has maximized
A) his marginal utility. B) his total utility. C) the number of products he consumes. D) his total expenditure on all products.
What is true of depletable resources is that
A. increasing scarcity leads to their total disappearance. B. they are depleted by gradually using up the supply of homogeneous resources, every unit of which is equally available. C. generally the most accessible and cheapest sources are used up so that new supplies become more costly. D. their prices must rise at the average rate of inflation.
If demand is perfectly inelastic, the price elasticity of demand is equal to:
A. 1. B. 0. C. infinity. D. a negative number between 0 and infinity.
When the price of fresh fish increases 10%, quantity demanded decreases 5%. The price elasticity of demand for fresh fish is ________ and total revenue from fresh fish sales will ________.
A. inelastic; decrease B. inelastic; increase C. elastic; decrease D. elastic; increase