Which of the following financial institutions does NOT have to meet minimum reserve ratios?

If a perfectly competitive firm's price is less than its average total cost but greater than its average variable cost, the firm

A) is earning a profit. B) is incurring a loss. C) should shut down. D) is breaking even.

An individual is induced to change his/her occupation if:

a. the sunk cost of the current occupation is high. b. the expected net gains from the alternative occupation is negative. c. the outlook for future income, in the current occupation, increases. d. he/she has devoted a lot of money, time and effort in the current occupation. e. the marginal cost of remaining in the current occupation is very high.