Nationwide banking might reduce bank failures due to
A) reduced competition.
B) reduced lending to small businesses.
C) diversification of loan portfolios across state lines.
D) elimination of community banks.
C
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Cindy's Sweaters' production function is shown in the above table. Cindy rents two knitting machines for $30 a day each and hires workers at a wage rate of $40 a day
If Cindy produces 20 sweaters per day, what is her average fixed cost of production? A) $3.00 B) $3.33 C) $8.00 D) $11.00
Firms choose the highest production indifference curve they can obtain given the lowest possible budget line.
Answer the following statement true (T) or false (F)
If a natural monopolist is unregulated, then
A) the monopoly will produce efficiently from society's point of view. B) the monopoly will produce inefficiently from society's point of view. C) the monopolist will be earning just a normal rate of return on investment. D) the monopolist will determine the profit maximizing quantity by equating marginal cost to the demand curve.
A price increase will cause an increase in total revenue when:
A. the price effect outweighs the quantity effect. B. the quantity effect outweighs the price effect. C. demand is perfectly elastic. D. demand is unit elastic.