If a firm sells its output at a price greater than AC, it will earn economic profit.

If the marginal revenue product of the fifth worker hired by a firm is $15 and the price of the last unit of output produced is $5, then the marginal product of the fifth worker is

a. 15 units of output if the product market is perfectly competitive b. 3 units of output if the product market is perfectly competitive c. 45 units of output if the product market is perfectly competitive d. 5 units of output if the product producer is a price searcher e. 15 units of output if the product producer is a price searcher

When you open a checking account at Bank of America, Bank of America

A) has more reserves and more excess reserves. B) has more reserves, but excess reserves remain unchanged. C) has more deposits and less in excess reserves. D) has more deposits, but excess reserves remain unchanged.