Refer to Figure 4.1, which shows Molly's and Ryan's individual demand curves for compact discs per month. Assuming Molly and Ryan are the only consumers in the market, what is the market quantity demanded at a price of $9?
A. 2
B. 4
C. 6
D. 10
Answer: D
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In the presence of asymmetric information with costless monitoring and enforcement, a hire contract results in production efficiency
Indicate whether the statement is true or false
Bennie's Top Factory produces 1,000 tops per day for a total daily revenue of $2,000 . Bennie's total costs would rise by $2 if it produced the 1,001st top. Because marginal revenue and price are equal and constant,
a. profit would rise by $2 if Bennie produced one additional top b. profit would fall by $2 if Bennie produced one additional top c. profit would not change if Bennie produced one additional top d. profit will fall by some unknown amount if Bennie produced one additional top e. the total cost curve must have shifted to the left
When the Federal Reserve System was first established, which of the following was its chief responsibility?
a. Keeping the inflation rate low and stable b. Ensuring the stability of the banking system c. Achieving full employment of the labor force d. Keeping the interest rate low and stable e. Keeping output growth high and stable
Other things the same, if the interest rate falls, then
a. firms will want to borrow more, which increases the quantity of loanable funds demanded. b. firms will want to borrow less, which decreases the quantity of loanable funds demanded. c. firms will want to borrow more, which increase the quantity of loanable funds supplied. d. firms will want to borrow less, which decreases the quantity of loanable funds supplied.