Unlike a perfect competitor, a monopolist faces the market demand curve

A proprietorship is a business

A) with annual sales below $100,000. B) in which the stock of the company is closely held by members of one family. C) which produces a service rather than goods. D) owned by one individual who is responsible legally for the debts of the firm.

Tom decides to withdraw $300 out of his checking account. The impact of this transaction on the Fed's balance sheet will be:

A. total assets decrease by $300 and the liability of currency increases by $300. B. no change in total assets or total liabilities, but an increase in the liability of currency and a decrease in the liability of reserves by $300 respectively. C. no change in total assets but the liability of currency increases by $300. D. no change in either total assets or total liabilities.