What happened in the banking industry with the introduction of ATMs which had a higher MP/P than for the substitute resource of human tellers?
A. Human tellers replaced many ATMs because people did not want to use ATMs
B. ATMs replaced many human tellers because it reduced banks' costs
C. More of both ATMs and human tellers were used because banks were more productive
D. Less of both ATMs and human tellers were used because banks did not know how to use the new technology
B. ATMs replaced many human tellers because it reduced banks' costs
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Which of the following is NOT a benefit of derivatives?
A) risk sharing B) guaranteed minimum profit C) liquidity D) information services
In a market economy, differences in incomes: a. reflect the relative scarcity of resources
b. provide individuals with an incentive to supply resources that are valued by others. c. determine the income distribution among market participants. d. all of the above are correct.
What group is committed to lowering trade barriers between nations?
a. United Nations b. European Union c. World Trade Organization d. OPEC
Assume the demand schedule for cookies is downward sloping. If the price of cookies falls from $1.50 to $1.25 per dozen,
a. the demand for cookies will fall. b. the demand for cookies will rise. c. a larger quantity of cookies will be demanded. d. a smaller quantity of cookies will be demanded.