When a $1,000 check written on the Chase Bank is deposited in an account at the Bank of America the:
a. Liabilities of Chase rise by $1,000.
b. Reserves of Chase increase by $1,000.
c. Liabilities of the Bank of America fall by $1,000.
d. Reserves of the Bank of America increase by $1,000.
e. All the above.
.D
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Suppose an individual inverse demand curve is given as P = 2 - 1/2 qi, where qi is the quantity demanded by individual i. There are 50 individual consumers with this identical, individual inverse demand curve. Solve for the market demand curve
What will be an ideal response?
The explanation for the law of demand begins with
a. a small number of wants satisfied by scarce resources b. finite wants satisfied by infinite resources c. unlimited wants confronting scarce resources d. unlimited wants matching up with unlimited resources e. prices acting as signals to existing and potential suppliers