Refer to Figure 10.3. What quantity will the monopsonist purchase to maximize profit?
A) Q1
B) Q2
C) Q3
D) Q4
E) none of the above
C
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Which of the following is responsible for the distribution of paper currency in the United States?
A) the U.S. Treasury B) the Office of the Comptroller of the currency C) the Federal Reserve D) all of the above
Which of the following is the relationship among excess reserves, required reserves, and total reserves?
a. total reserves = required reserves - excess reserves b. excess reserves = total reserves/required reserves c. total reserves = excess reserves + required reserves d. total reserves = excess reserves - required reserves e. excess reserves = required reserves - total reserves
In the 1970s, the Fed accommodated a(n)
a. adverse supply shock and so contributed to higher inflation. b. adverse supply shock and so contributed to lower inflation. c. favorable supply shock and so contributed to higher inflation. d. favorable supply shock and so contributed to lower inflation.
In a perfectly competitive market, an increase in market demand in a long-run constant-cost industry causes:
A. a decrease in price, a decrease in quantity, and a decrease in profit in the short run. B. an increase in price, quantity, and profit in the long run. C. an increase in price, quantity, and profit in the short run. D. a decrease in price, a decrease in quantity, and a decrease in profit in the long run.