Causes of the changing role of women in American society over the past several decades include new technologies that have reduced the amount of time required to complete routine household tasks, improved birth control, and changing political and social attitudes
a. True
b. False
Indicate whether the statement is true or false
True
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A monopolistically competitive firm chooses
A) the price of the product it sells but market forces determine the quantity it will be able to sell. B) the price of the product it sells but the quantity of output to produce is agreed upon by all firms in the industry. C) both the quantity of output to produce and the price at which it will sell its output. D) the quantity of output to produce but the price of the product it sells is determined collectively by all firms in the industry.
The required reserve ratio is:
a. the minimum amount of reserves the Fed requires a bank to hold. b. the interest rate that the Fed charges banks who borrow from it. c. the interest rate on loans made by banks to other banks. d. the maximum percentage of the cost of a stock that can be borrowed from a bank, with the stock offered as collateral. e. an appeal by the Fed to banks, asking for voluntary compliance with the Fed's wishes.
If five firms of similar sizes join to form a cartel, then it is most likely that
A) they will charge a common, lower market price. B) they will collectively produce less than before. C) all five firms will earn the same profits as before. D) all five firms as a group will have falling profits, but increased output.
The demand for food will likely be price ________ while the demand for Brand X Burger will likely be price ________.
A. elastic; elastic B. inelastic; inelastic C. elastic; inelastic D. inelastic; elastic