Which of the following is (are) true of a monopoly? (i) A monopoly has the ability to set its price. (ii) A monopolists marginal revenue will always increase when it lowers the price of its product. (iii) A monopoly can never experience an economic loss

Suppose that from a new checkable deposit, First National Bank holds two million dollars in vault cash, eight million dollars on deposit with the Federal Reserve, and one million dollars in required reserves

Given this information, we can say First National Bank has ________ million dollars in excess reserves. A) three B) nine C) ten D) eleven

If a product is manufactured under conditions of constant cost, an increase in the demand for the product will increase

a. both equilibrium quantity and equilibrium price in the long run. b. equilibrium price, but equilibrium quantity will be unchanged in the long run. c. equilibrium price but reduce equilibrium quantity in the long run. d. equilibrium quantity, but equilibrium price will be unchanged in the long run.