Which of the following was NOT part of the financial deregulation of the 1970s and 1980s?
A) Banks could pay interest on checking accounts.
B) Banks could issue checkbooks for savings accounts.
C) Institutions other than banks could offer money-market mutual funds, from which checks could be written.
D) All of the above were part of the deregulation.
D
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Monopolistically competitive firms have downward-sloping demand curves. In the long run, monopolistically competitive firms earn zero economic profits. These two characteristics imply that in the long run
A) monopolistically competitive markets achieve productive efficiency. B) monopolistically competitive firms have excess capacity. C) monopolistically competitive firms earn economic profits. D) monopolistically competitive markets achieve allocative efficiency.
Flora's Flowers operates in a perfectly competitive market. At the point where marginal cost equals marginal revenue, ATC = $10, AVC = $5, and the price per unit is $15 . In this situation,
a. Flora earns positive profits in the short run b. Flora will shut down in the short run c. Flora's supply curve will shift to the left d. Flora's supply curve will shift to the right e. the market price will rise in the long run