The nine directors of the Federal Reserve Banks are split into three categories:
________ are professional bankers, ________ are leaders from industry, and ________ are to represent the public interest and are not allowed to be officers, employees, or stockholders of banks.
A) 5; 2; 2
B) 2; 5; 2
C) 4; 2; 3
D) 3; 3; 3
D
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Suppose a monopoly has constant marginal costs of $40 per unit. Demand for the monopolist’s product is Q = 100 - 0.5P.
i. What are the profit maximizing price and quantity for this monopoly? Explain how you arrived at your answer. ii. How many units of the product would the competitive market supply? What would the equilibrium price be? Explain how you arrived at your answer. iii. Calculate how much consumer surplus would be lost if this market started off as perfectly competitive but then became monopolistic. iv. Calculate how much producer surplus would be gained if this market started off as perfectly competitive but then became monopolistic. v. Briefly explain how your answers to parts iii and iv relate to the deadweight loss created by the monopoly.
An increase in a consumer's income
a. increases the slope of the consumer's budget constraint. b. has no effect on the slope of the consumer's budget constraint. c. decreases the slope of the consumer's budget constraint. d. has no effect on the consumer's budget constraint.
The underlying reason of the problem of pollution is
A. a poorly run Environmental Protection Agency. B. greed on the part of producers. C. greed on the part of consumers. D. poorly defined property rights that are expensive to enforce.
The figure above illustrates the gasoline market. There is no external benefit from gasoline. If this market is left unregulated and no pollution tax is imposed, the equilibrium quantity of gasoline is
A) 0 gallons. B) 5 million gallons. C) 10 million gallons. D) 20 million gallons. E) 15 million gallons.