It is easy for one financial institution to reduce its leverage by acting alone, but when many financial institutions try to do the same thing at once, asset prices fall rapidly and bank capital declines for all such institutions

Under an average cost pricing rule, a regulated natural monopoly ________ and there is ________

A) makes an economic profit; a deadweight loss B) makes zero economic profit; no deadweight loss C) makes zero economic profit; a deadweight loss. D) incurs an economic loss; no deadweight loss

An international agreement from 1947 designed to lower tariffs was

A) the General Agreement on Tariffs and Trade. B) the World Trade Organization. C) the World Agreement on Tariffs and Trade. D) the Trade and Tariff Agreement.