As the housing bubble began to collapse, the wave of initial foreclosures led to:
A. banks no longer offering refinancing as an option, and home sales slowed.
B. more foreclosures due to the herd instinct.
C. more household saving in other forms.
D. banks flooding the market with homes for sale, further depressing their price.
D. banks flooding the market with homes for sale, further depressing their price.
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If there are approximately 8,000 barrels of known reserves of oil, annual consumption of oil is 500 barrels,
and it is estimated that the supply of oil will be depleted in 30 years, how many barrels of unknown reserves of oil are there estimated to be, all else equal? A) 1,333 B) 7,000 C) 12,000 D) 48,000
Which of the following is TRUE regarding a perfectly competitive firm?
A) The firm can charge a lower price than its competitors and thereby sell more output and increase its profits. B) The firm always earns a normal profit. C) The firm's marginal revenue continually decreases. D) The firm's minimum efficient scale is small relative to the market demand.