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Table 24-2   Assets Liabilities Reserves        +$8,000 Deposits       + $8,000   18) Refer to Table 24-2. Suppose a transaction changes a bank’s balance sheet as indicated in the following T-account, and the required reserve ratio is 10 percent. As a result of the transaction, the bank can make a maximum loan of

Firms in perfectly competitive industries are unable to control the prices of the products they sell and earn a positive economic profit in the long run. Which of the following is one reason for this? 

  The figure above shows the supply and demand curves for two markets: the market for an original Picasso painting and the market for jeans. Which graph most likely represents which market?

Which is an example of price discrimination?

If 50 units are sold at a price of $20 and 80 units are sold at a price of $15, what is the absolute value of the price elasticity of demand? Use the midpoint formula. Is it elastic, inelastic, or unit elastic?

Which of the following is the best example of a perfectly competitive industry?

Which of the following is a characteristic of an oligopolistic market structure?

What happens to the monopolist represented in the diagram in the long run, if costs and demand stay the same?

The firm represented in the diagram

The U.S. Congress has given two government entities the authority to police mergers. These two entities are