Ray buys a new tractor for $118,000 . He receives consumer surplus of $13,000 on his purchase. Ray's willingness to pay is

A bank's reserves

A) can be held as deposits with the Federal Reserve. B) are the sum of its excess and required reserves. C) can be held as cash in its vault. D) all of the above.

Technological advances in recycling make it possible to produce a greater quantity of paper from a given quantity of recycled newspapers. Predict the likely impact on the supply curve for paper. a. There is a movement down along the supply curve. b. There is a movement up along the supply curve. c. The supply curve shifts to the left

d. The supply curve shifts to the right.