Institutions that make loans to borrowers and obtain funds from savers are called
A) financial markets.
B) financial intermediaries.
C) financial conglomerates.
D) financial branches.
B
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Once a cartel determines the profit-maximizing price
A) each firm faces the temptation to cheat by raising its price. B) each firm faces the temptation to cheat by lowering its price. C) changes in the output of any member firm will not affect the market price. D) entry into the industry by rival firms will not affect the profit of the cartel.
The demand to attend a certain college is represented by a downward-sloping demand curve. The supply of spots at the college is represented by a vertical supply curve. At the tuition that students are charged, there is a shortage of spots at the college. If the demand to attend the college rises, but the tuition stays constant, it follows that the
A) GPA required to attend the college will probably rise. B) GPA required to attend the college will probably fall. C) SAT score required to attend the college will probably not change. D) a and c E) There is not enough information to answer this question.