Ramen noodles are likely considered
A) a normal good.
B) an inferior good.
C) to have inelastic demand.
D) to have perfectly elastic demand.
B
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The market for maple syrup is perfectly competitive. Suppose that the market is in long-run equilibrium when the market demand for maple syrup increases. After the demand increases, a typical firm will
A) make zero economic profit. B) make an economic profit. C) incur an economic loss. D) exit the market.
Which of the following institutions are NOT examples of financial intermediaries?
A) 1st National Bank, Chemical National Bank, Chase Manhattan National Bank B) Farmer's Credit Union, 1st Mortgage Bank, IBM Credit Union C) a Savings and Loan, New York Savings and Loan, First American Savings and Loan D) the New York Stock Markets, Chicago and Pacific