Fractional reserve banking began
A) in ancient Greece. B) in the early nineteenth century.
C) in the early twentieth century. D) in the Middle Ages.
A
Economics
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Claude's Copper Clappers sells clappers for $65 each in a perfectly competitive market. At its present rate of output, Claude's marginal cost is $65, average variable cost is $45, and average total cost is $67 . To maximize his profit or minimize his loss, Claude should
a. increase output b. reduce output but not to zero c. maintain the present rate of output d. shut down e. raise the price
Economics
If a seller lowers the price of a product when demand is price inelastic, the seller can expect revenues to
A. rise. B. stay the same. C. fall. D. either rise or fall, but it is impossible to determine which.
Economics