The organization structure where a group performing a specialized task reports to a manager in that same area

The fraction of deposits banks are required to keep as reserves is called the:

A) deposit requirement. B) reserve requirement. C) excess reserve requirement. D) none of the above.

Assume a perfectly competitive firm is producing 500 units of output, P = $7, ATC of the 500th unit is $6, marginal cost of the 500th unit = $7, and AVC of the 500th unit = $5. Based on this information, the firm is:

A) earning an economic profit of $500. B) earning an economic profit of $1,000. C) incurring a loss of $500. D) incurring a loss of $1,000.