The key decision maker for general Federal Reserve policy is the:
A. Federal Open Market Committee.
B. Board of Governors.
C. Federal Advisory Council.
D. Regional Federal Reserve banks.
B. Board of Governors.
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Extractive industries such as farming, mining, or lumbering typically: a. are considered to be decreasing cost industries
b. are considered to be constant cost industries. c. use only small portions of the total supply of specialized resources. d. are considered to be increasing cost industries.
The demand curve for a monopolistic competitor slopes downward because: a. quantity demanded drops to zero after a slight price increase
b. there are close, but not perfect, substitutes for the product. c. customers have no loyalty to the product. d. the product is not differentiated in any way from those offered by other sellers.