Partial equilibrium is
A. exactly like general equilibrium.
B. studying only the supply side of the market.
C. studying individual markets.
D. examining the demand side of the market.
C. studying individual markets.
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The commercial banking system borrows from the Federal Reserve Banks. As a result, the checkable deposits ________.
A. and reserves of commercial banks are both unchanged B. of commercial banks are unchanged, but their reserves increase C. of commercial banks are unchanged, but their reserves decrease D. and reserves of commercial banks both decrease
In the figure above, with the rent ceiling
A) there is a shortage of 3,000 units. B) there is a surplus of 3,000 units. C) there is a surplus of 2,000 units. D) there is a shortage of 1,000 units. E) the market is in equilibrium.
Which statement is false?
A. Cigarettes, motor vehicles, and pipelines are industries with high concentration ratios. B. Oligopolized industries have higher concentration ratios than monopolistic competitors. C. The Electric Machinery Conspiracy case involved covert collusion. D. None of these statements are false.
An inferior good is:
a. any good of low quality. b. one that consumers buy less of at a higher price. c. one that consumers buy less of as their income rises. d. one that has few substitutes. e. any good made with inexpensive labor.