Scott receives a producer surplus of $1,000 from selling a baseball bat. If the market price of the bat is $1,500, the minimum price at which Scott was willing to sell the bat is $500

When banks hold excess reserves, the size of the money multiplier

A) is less than the simple deposit multiplier would suggest. B) is greater than the simple deposit multiplier would suggest. C) is equal to the size of the simple deposit multiplier. D) becomes infinite.

Assume an industry initially in equilibrium has a price floor imposed at a price above the equilibrium price. Total revenue received by the producers from sales will: a. rise as a result

b. rise as a result only if supply is elastic. c. rise as a result only if demand is elastic. d. rise as a result only if demand is inelastic.