Use the above figure. The TFC at output level 10 is

Refer to Figure 11-11. Constant returns to scale

A) occur between 10,000 and 20,000 pictures frames per month. B) occur for output rates greater than 5,000 picture frames. C) occur between 5,000 and 20,000 picture frames per month. D) will shift the long-run average cost curve downward.

The Fed's purchase of U.S. government securities constitutes

a. a restrictive policy because it lowers the amount of total reserves in the banking system. b. a restrictive policy because it lowers the amount of excess reserves in the banking system. c. an expansionary policy because it raises the amount of total reserves in the banking system. d. an expansionary policy because it lowers the amount of required reserves in the banking system.