Demand deposits are
a. deposits held by individuals at one of the twelve Federal Reserve District Banks.
b. interest-earning savings deposits held by individuals at a banking institution.
c. deposits of commercial banks at one of the twelve Federal Reserve District Banks.
d. deposits of individuals that can either be withdrawn or made payable on demand to a third party by a check.
D
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In long-run equilibrium, a monopolistically competitive firm is producing at a point on its average total cost curve where:
a. price equals marginal cost. b. price equals average total cost. c. price equals marginal revenue. d. marginal revenue equals average total cost.
In a Bertrand model, graphically, the intersection of all firms' best-response curves determines
A) the Nash equilibrium prices. B) the dominant strategy for each firm. C) the degree of product differentiation. D) the price of the market leader.