Behavioral economists have discovered that
A) transitivity of preferences always holds, even in animals.
B) the law of demand does not hold in controlled experiments.
C) transitivity of preferences does not always hold, especially for young people.
D) reflexivity of preferences is not true.
C
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Which of the following is true for BOTH monopoly and a perfectly competitive firm?
A) The demand for the individual firm's product is perfectly elastic. B) Economic profits can be sustained indefinitely over time. C) The marginal revenue curve is horizontal at the market equilibrium price. D) Profits are maximized by producing at the level of output where marginal revenue is equal to marginal cost.
Assume that the Federal Reserve has purchased a $1,000 security from an individual, the required reserve ratio is 20 percent, and that individual deposits the proceeds in his bank. What is the increase in excess reserves for this bank?
a. $200 b. $1,000 c. $1,200 d. $800 e. $2,000