In the short run, which of the following is likely to be a variable cost to a physician?

Cash assets of a commercial bank consist of

A) notes and coins in the bank's vault, a deposit account at the Fed and loans to other banks. B) notes and coins in the bank's vault , a deposit account at the Fed and any gold held for the bank at Fort Knox. C) vault cash, a deposit account at the Fed and the bank's stock holdings. D) vault cash, a deposit account at the Fed and the value of its depositors' accounts.

In free exchange among two individuals the position on the contract curve finally arrived at will, among other things, depend on: I. The bargaining strength of each individual. II. The initial endowments of the individuals. III. The individuals' preferences. Which of these correctly completes the statement?

a. Only III. b. Only II. c. I and III, but not II. d. II and III, but not I. e. I, II, and III.