Invention cannot be successful financially if price is
a. greater than marginal cost because invention is based largely on social costs.
b. greater than marginal cost because invention is based solely on external costs.
c. equal to marginal cost because invention is based largely on variable costs.
d. equal to marginal cost because invention is based largely on fixed costs.
d
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Price in a perfectly competitive market:
A) is affected by government policies. B) is determined by the dominant competitor. C) is affected by the combined decision of all sellers. D) is determined by buyers alone.
The Federal Reserve responded to the 2008 financial crisis in several ways. Which of the following is one of the ways the Fed responded?
A) The Fed helped Citibank to acquire General Motors and Chrysler. B) The Fed lent investment banks Treasury securities in exchange for mortgage-backed securities. C) The Fed lowered the required reserve ratio on demand deposit accounts in order to increase the amount of bank reserves. D) The Fed banned investment banks from obtaining discount loans.