A bank has no excess reserves and demand deposit liabilities of $100,000 when the required reserve ratio is 20 percent. If the reserve ratio is raised to 25 percent, the bank's excess reserves will now be

When demand is elastic,

A. an increase in price causes total revenue to rise. B. marginal revenue is negative. C. the percentage change in price exceeds the percentage change in quantity. D. both b and c E. none of the above

The price tag on a pair of Nike shoes illustrates how money performs the function of a

A. store of value. B. medium of exchange. C. standard of deferred payment. D. unit of accounting.