Which of the following is not a basic monetary policy tool used by the Fed?
A. The discount rate.
B. The reserve requirement.
C. Taxes.
D. Open-market operations.
C. Taxes.
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Patrick lives near two gas stations, Exxon and Shell. If Exxon decreases the price of gas, we predict that the quantity of gasoline demanded at Shell will
A) decrease because Exxon and Shell gas are complements. B) decrease because Exxon and Shell gas are substitutes. C) increase because Exxon and Shell gas are substitutes. D) increase because Exxon and Shell gas are complements. E) not change Exxon and Shell are different brands of gasoline.
A firm is currently selling its output for $30 per unit. If the firm reduces the price to $29 in order to boost sales, marginal revenue will
a. equal $30 b. equal $29 c. be between $30 and $29 d. be less than $29 e. exceed $30