Monopolistically competitive firms use advertising exclusively to inform customers about the real differences between their products and their competitors' products.
Answer the following statement true (T) or false (F)
False
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A public transit company finds that when it reduces the price of a bus ticket, total revenues remain the same. One can conclude from this that:
a. the demand curve is horizontal, reflecting infinite price elasticity. b. the company sells the same number of bus tickets both before and after the price change. c. the demand curve for bus tickets must have shifted to the right. d. the firm is operating in a range of the demand curve that is unit elastic. e. the price should be lowered further so that a larger quantity can be sold.
Under a fixed exchange rate system, if the dollar price of Mexican pesos is above its equilibrium level, the peso is referred to as overvalued and the dollar is necessarily undervalued
Indicate whether the statement is true or false
Cannibalism is illegal. What issue in the text does this law best illustrate?
A. The distribution of income issues that cause failure of market outcome B. The self-control problems that cause failure of market outcome C. Information problems that can lead to market failure D. Violations of inalienable rights that cause failure of market outcome
Answer the next question on the basis of the following consolidated balance sheet for the commercial banking system. Assume the required reserve ratio is 10 percent. All figures are in billions.AssetsLiabilities & Net WorthReserves$30 Checkable Deposits$300Loans130 Stock Shares130Securities70 Property200?Refer to the above data. The commercial banking system has excess reserves of:
A. $60 billion. B. $30 billion. C. $70 billion. D. $0.