Mr. Calhoun owned land on which cotton could be grown, but which he had been unable to rent for years. Suddenly he was getting offers from cotton farmers to lease his land. Which of the following best explains this change in circumstances?
a. The price of cotton decreased

The federal funds rate is the

a. percentage of face value that the Federal Reserve is willing to pay for Treasury Securities. b. percentage of deposits that banks must hold as reserves. c. interest rate at which the Federal Reserve makes short-term loans to banks. d. interest rate at which banks lend reserves to each other overnight.

If the demand for a good is highly elastic, that good is likely to have:

A. few close complements. B. many close complements. C. few close substitutes. D. many close substitutes.