Insoul Inc has been granted a form of legal protection that prevents other firms from copying its original music compositions for commercial purposes. The legal restriction that Insoul Inc has been offered is a:
a. trademark.
b. subsidy

Any reserves held by a bank above the amount of minimum legal reserves are called

a. total reserves. b. required reserves. c. fiat money. d. excess reserves.

Refer to Figure 22.2 below. Suppose that the supply of land is constant at L acres, and Price per acre is $400. In addition, the before-tax demand for land can be characterized by the equation P = 500 - 2L, where L is the acres of land and P is the price.

(A) What is the constant supply of land (L) in the market?
(B) If the after-tax demand curve, P , can be written as P = 400 - 4L, what is P , and how
much tax revenue is generated?