Profit per unit is maximized when the difference between ________ and ________ is at a maximum.
Fill in the blank(s) with the appropriate word(s).
price; average total cost
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An important effect of fractional reserve banking is that bankers have
a. little control over total reserves. b. total control over the amount of lending in the economy. c. no control over the amount of reserves in the banking system. d. some discretion over the money supply.
When U.S. house prices began to fall in 2007:
A. most people negotiated lower mortgage rates, so few were forced to sell their houses. B. banks made it difficult for homeowners to negotiate higher mortgage rates, which led to a decrease in the supply of houses. C. many Americans were forced to sell their homes because they could no longer take out loans against the rising value of their houses. D. the demand for affordable housing increased, leading house prices to stabilize.