Wall Street bankers opposed the Second Bank of the United States. Their opposition was based on the idea that the Second Bank
a. lent too freely to the federal government.
b. followed a monetary policy that favored stable prices even at the cost of a slower growing economy.
c. followed a monetary policy that kept interest rates too high.
d. favored Philadelphia because that was where the head office of the bank was located.
d. favored Philadelphia because that was where the head office of the bank was located.
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Which of following is not a condition that must be met for a cartel to maximize its joint profits?
A) Total output by the cartel must be allocated among the member firms such that the individual firm's marginal costs are equal. B) The cartel must produce the level of output at which its marginal revenues and marginal costs are equal. C) The cartel must be operating in the inelastic portion of its demand curve. D) Each member firm must employ the least-cost method of production.
The substitution effect
A. is when individuals consume more of one good and less of another. B. is associated with changes in relative prices. C. will have no effect if goods are unrelated. D. all of these answer options are correct.