For jointly owned substitute products, cannibalization leads to MR______MC
a. Being higher than
b. Being lower than
c. Equaling
d. None of the above
b
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The Fed sells $1 million in bonds to a bond dealer. The bond dealer's bank experiences
A) a decrease in assets of $1 million as its reserves decrease and an increase in liabilities of $1 million as its deposits rise. B) a decrease in assets of $1 million as its reserves decrease and a decrease in liabilities of $1 million as its deposits fall. C) no change in assets or liabilities. D) an increase in assets of $1 million as its deposits fell by $1 million, and a decrease in liabilities as its reserves fell by $1 million.
The bowed-out-from-the-origin shape of the production possibilities curve occurs because resources are
a. equally well-suited to production of both goods b. not being used efficiently c. not always of equal quality and some are better suited to the production of one type of good than others d. increasing as more of one good is produced e. of an increasingly inferior quality
The production possibilities curve has:
A. a positive slope that increases as we move along it from left to right. B. a negative slope that increases as we move along it from left to right. C. a negative slope that decreases as we move along it from left to right. D. a negative slope that is constant as we move along it from left to right.
Consumers can spend their entire disposable income.
Answer the following statement true (T) or false (F)