The Federal funds rate and:
a. Discount rate are inversely related
b. Prime interest rate are positively related
c. Velocity of money are positively related
d. Reserve ratio are inversely related
b. Prime interest rate are positively related
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The above figure represents Tony's Pizza Parlor, a firm in monopolistic competition
a. What quantity will be produced? b. What price will be charged? c. What is Tony's total cost? d. What is Tony's total revenue? e. What is Tony's economic profit or loss? f. Is this a long-run equilibrium? Why or why not?
Consumers have been buying fewer CDs as downloadable music has become easier to purchase and use. We would represent this as
A) a leftward shift of the demand curve for CDs. B) a rightward shift of the demand curve for CDs. C) a change in the price of CDs. D) a leftward shift of the supply curve for downloadable music.
If there is a sole producer of a good, and he faces no threat of competition, it is likely that:
A. the consumer surplus is greater than in a competitive equilibrium. B. the price is set inefficiently high. C. the price is set below the competitive equilibrium price. D. the market is efficient.
Scarcity
a. Can be eradicated with sufficient economic growth. b. Could be eradicated if we could just eliminate greed. c. Can never be eradicated d. Both a. and b. are true