While the discount rate is "established" by the regional Federal Reserve Banks, in truth, the rate is determined by
A) Congress.
B) the president of the United States.
C) the Senate.
D) the Board of Governors.
D
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Monopolistic competitors advertise because
A) they have downward sloping demand curves. B) the demand curves they face are very elastic. C) they produce goods that can be differentiated from the goods of other firms in the industry. D) they can earn long-run profits if they advertise.
You go to see a movie that you believe would turn out to be amazing. The ticket costs you $20 . Once in the theatre you realize that the movie is awful. If you leave now, you can still catch your favorite TV show. What should you do?
a. Stay and watch the movie since you paid $20 for it b. The ticket price is now a sunk cost, you can ignore it and go home c. Stay and watch the movie since the opportunity cost of the movie is zero d. None of the above