Which of the following probably has the highest start-up costs?
a. a restaurant belonging to a fast-food chain
b. a feature-length motion picture production by a major studio
c. a bookstore that specializes in travel books
d. a theatrical production by a local theater group
Ans: b. a feature-length motion picture production by a major studio
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The price of a cowboy hat is $100. Willie is willing to pay $130, Waylon is willing to pay $100, and Merle is willing to pay $85. All of the following statements are true EXCEPT:
A) Merle's consumer surplus is $15. B) The sum of consumer surplus will be $30. C) Waylon's consumer surplus is $0. D) Only Willie and Waylon will purchase the cowboy hat. E) Willie's consumer surplus is $30.
If a bank buys securities, its
A) net worth increases. B) net worth decreases. C) reserves increase. D) reserves decrease.