Although a corporation that is owned by its member banks, the Federal Reserve System
a. reports directly to the president in an annual report.
b. is quite independent of them, and they receive almost none of the Fed's profits.
c. is administered by Congress and all its profits are distributed to the member banks.
d. turns all its profits over to the state governments of each district bank.
b
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A firm using a two-part tariff faces a tradeoff because
A) any increase in consumer surplus must be offset by a decrease in producer surplus. B) the only way to increase the fixed-fee portion of the price is to lower the per-unit portion of the price. C) the only way to increase total revenue is to lower per-unit profit. D) the smaller the variation between the parts of the price, the greater the deadweight loss generated by the pricing scheme.