The cost to a member bank of borrowing from the Federal Reserve is called the:
A. reserve requirement.
B. price of securities in the open market.
C. discount rate.
D. yield on government bonds.
Answer: C
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The above table shows the market shares for all the landscaping services in a suburban area. A merger between the three largest firms would
A) make the industry more competitive. B) increase the four-firm concentration ratio and increase the Herfindahl-Hirschman Index (HHI). C) increase the four-firm concentration ratio and decrease the Herfindahl-Hirschman Index (HHI). D) decrease the four-firm concentration ratio and decrease the Herfindahl-Hirschman Index (HHI).
Which of the following statements is true?
a. In the long run, for any output level a firm can select a plant size that will allow it to minimize average total cost. b. In the long run, the firm is committed to a particular plant size, and can only vary such resources as labor and some material inputs. c. In the long run, the firm is committed to a particular plant size, and thus cannot vary any input. d. The long-run average cost curve connects the minimum points on marginal cost curves for different plant sizes.
The law of demand includes the statement "other things being equal." These other things include all of the following EXCEPT
A) the price of the good itself. B) the price of related goods. C) incomes. D) tastes.
A perfectly competitive firm ________ at the level of output where P = ATC.
A. breaks even B. earns an economic profit C. suffers an economic loss D. shuts down