Consider a point on a market demand curve. The point represents
A) a single price and the quantity demanded by an individual buyer.
B) a single price and the sum of the quantities demanded by all buyers.
C) various prices and various quantities demanded.
D) a single price and the quantity demanded by an individual buyer at that price and all other prices.
E) a and c
B
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Compared to a monopolistic competitor, a monopolist faces
A) a more elastic demand curve. B) a more inelastic demand curve. C) a demand curve that has a price elasticity coefficient of zero. D) a more elastic demand curve at higher prices and a more inelastic demand curve at lower prices.
The required reserve ratio is the percentage of total deposits that the Fed requires a bank to hold in vault cash or on deposit with the Fed
a. True b. False Indicate whether the statement is true or false
Who asserted that "the Federal Reserve's job is to take away the punch bowl just as the party gets going?"
a. president George W. Bush b. president John F. Kennedy c. economist John Maynard Keynes d. former chairman of the Federal Reserve System William McChesney Martin
The Island Republic is a small, tropical nation with rich agricultural land and a warm climate. Which products might it export at a lower opportunity cost than would a larger country in a cooler climate?
a. cars and trucks b. pineapples and flowers c. insurance and banking d. cotton and lumber