When the desired reserve ratio is 10 percent, suppose the Fed buys $1,000,000 of government securities from banks. As a result, the banks' excess reserves

A single supplier of a good or service for which there is no close substitute is referred to as a(n)

A) strategic competitor. B) monopoly. C) oligopoly. D) monopolistic competitor.

When there is an inflationary gap: a. Real output exceeds the natural level of real output. b. Real output equals the natural level of real output

c. Real output is less than the natural level of real output. d. Any of the above is possible.