Oligopoly is characterized by a few sellers offering similar products, whereas monopolistic competition is characterized by many sellers offering differentiated products

The Federal Open Market Committee (FOMC) enters the market to purchase $10 million in securities. Suppose the Paris First National Bank decides to sell $10 million of the securities it owns to the FOMC; then

a. the Paris First National Bank now has $10 million more in excess reserves at the Fed b. the Paris First National Bank still has the $10 million government securities but they are held at the Fed c. this purchase and sale appears as a $20 million increase in the Fed's liabilities to Paris First National Bank d. the Fed has increased its asset position by $20 million, the bank's liabilities fall by $20 million e. there is no change to either the Fed or Paris First National Bank's balance sheet, there's just a trade-off of equal value

Table 9-1 Output Consumption Investment Net Exports 1,000 800 500 100 1,500 1,200 500 100 2,000 1,600 500 100 2,500 2,000 500 100 3,000 2,400 500 100 3,500 2,800 500 100 4,000 3,200 500 100 ? In Table 9-1, inventories are being depleted as long as output is below

A. 2,000 B. 2,500 C. 3,000 D. 3,500