If the Fed is concerned about a possible recession, it ________ the federal funds rate, which ________ the quantity of money and ________ the amount of bank loans

In New York City, government limits on the supply of taxis resulted in a price ________ the competitive market level, which would typically ________ economic efficiency

A) above; reduce B) above; increase C) below; reduce D) below; increase

Minimum efficient scale is defined as the level of output at which

A) all economies of scale are exhausted. B) diminishing returns affect average total cost. C) the firm's long-run average total cost starts falling. D) the maximum output is produced.