To understand the process of adding value, managers must understand only the costs of production

Excess reserves that are voluntarily held by institutions are called:

a. Bank equity. b. Customary reserves. c. Preferred assets. d. Funny money. e. Federal funds.

A firm produces and sells two goods, A and B. Good A is known to have many close substitutes; good B makes up a significant portion of most families' budgets. A price increase for each good would most likely cause total revenues for good A to:

A. increase, and total revenues for good B to increase. B. increase, and total revenues for good B to decrease. C. decrease, and total revenues for good B to decrease. D. decrease, and total revenues for good B to increase.