The interest rate the Fed charges on loans it makes to banks is called
a. the prime rate.
b. the federal funds rate.
c. the discount rate.
d. the LIBOR.
c
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Refer to the table above. If there is a sixth unit that Jenny consumes, and the marginal benefit derived from that unit is -1, the total benefit derived when the sixth unit has been consumed is:
A) $0. B) $3. C) $29. D) $39.
Refer to Table 6-1. Suppose you own a bookstore. You believe that you can sell 40 copies per day of the latest John Grisham novel when the price is $35
You consider lowering the price to $25 and believe this will increase the quantity sold to 50 books per day. Compute the price elasticity of demand using the midpoint formula and these data. Select the correct implication from your work. A) The demand for the John Grisham book is elastic. Revenue will rise if the price is lowered. B) The demand for the John Grisham book is elastic. Revenue will fall if the price is lowered. C) The demand for the John Grisham book is inelastic. Revenue will fall if the price is lowered. D) The demand for the John Grisham book is inelastic. Revenue will rise if the price is lowered.