Based on the graphic for perfect competition versus monopoly, the producer surplus for perfect competition is ______ the welfare for perfect competition.
a. greater than
b. less than
c. equal to
d. the opposite of
b. less than
Economics
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Any reserves that banks hold in excess of required reserves are called
A) excess reserves. B) margin reserves. C) federal reserves. D) surplus reserves.
Economics
If the cost of labor decreases the isocost line will
A) stay the same. B) shift outward in parallel fashion. C) rotate outward around the point where only capital is employed in production. D) shift inward in parallel fashion.
Economics