The law of demand includes the statement "other things being equal." These other things include all of the following EXCEPT
A) the price of that good in the law of demand.
B) consumers' income.
C) consumers' tastes and preferences.
D) the number of potential buyers.
A
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A monopolistically competitive firm chooses
A) the price of the product it sells but market forces determine the quantity it will be able to sell. B) the price of the product it sells but the quantity of output to produce is agreed upon by all firms in the industry. C) both the quantity of output to produce and the price at which it will sell its output. D) the quantity of output to produce but the price of the product it sells is determined collectively by all firms in the industry.
When the Federal Reserve calls in a discount loan from a bank, the monetary base ________ and reserves ________
A) remains unchanged; decrease B) remains unchanged; increase C) decreases; decrease D) decreases; remains unchanged