Intermediation in the financial system is the process of:
A. an arbitrator working with government and private firms to create an efficient financial system.
B. bringing together buyers and sellers in a market.
C. negotiating terms of repayment when agreements between buyers and sellers are in default.
D. government intervention in a financial market.
Answer: B
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If a firm charges different consumers different prices for the same product and the difference cannot be attributed to cost variations, then it is engaging in
A) markup pricing. B) cost-plus pricing. C) odd pricing. D) price discrimination.
Marginal revenue is defined as the
a. total revenue minus total cost b. change in total revenue divided by the change in the quantity of output c. price minus average total cost d. total revenue over the quantity of output e. quantity times price