The high pay of professional basketball players
a. is earned despite the recent drop-off in popularity of pro basketball
b. reflects the increased supply of skilled basketball players
c. is not justified by the quantity of their play
d. is due to the decline in quality of college basketball players
e. reflects the limited supply of basketball talent and the growing demand for that talent
E
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If demand for lima beans is inelastic, a poor lima bean harvest could increase the total revenue of lima bean producers
a. True b. False Indicate whether the statement is true or false
Other things constant, if the Fed decreased the discount rate,
a. the earnings of the Fed would increase. b. the incentive of commercial banks to borrow from the Fed would be reduced. c. the prime interest rate would automatically decline. d. commercial banks probably would reduce their excess reserves and be more willing to extend additional loans.