The income elasticity of a necessity is between zero and one.

A monopolist determines the profit-maximizing output

A) at the point at which TR = TC. B) at the point at which MR = MC. C) at any point it wants because it is the only producer of the product. D) at the point at which TR is maximum.

The Federal Reserve Board of Governors consists of

a. seven members who serve 6-year terms b. 12 members who serve 14-year terms c. seven members who serve 4-year terms d. 12 members who serve 4-year terms e. seven members who serve 14-year terms