An industry with a concentration ratio of 80 would have at least ____ firms.

If competing price searchers adjust their own prices on the basis of a close monitoring of their rival's prices,

A) all prices will tend to be the same, which proves prices are not competitive. B) all prices will tend to be the same, which proves sellers are not competing on price. C) each price searcher's demand curve will be indeterminate. D) prices will fluctuate regularly. E) prices will rise when costs increase but will not fall when costs decrease.

When the actual reserves held by a bank exceed the legal requirement, the bank

a. will have to borrow from the Fed. b. has excess reserves, which can be used to extend additional loans. c. cannot extend additional loans. d. will have to reduce its outstanding loans.