ECON MACRO
5th Edition
ISBN: 9781337000529
Author: William A. McEachern
Publisher: Cengage Learning
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Chapter 13, Problem 3.9P
To determine
Powers and responsibilities of Federal Reserve System and its 2 mandates and other goals.
Concept Introduction:
The Federal Reserve System is the central bank of the United States. It was founded by Congress in 1913 to provide the nation with a safer, more flexible, and more stable monetary and financial system. Over the years, its role in banking and the economy has expanded.
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If a firm exits, we must have that
P < AVC
None of the answers are correct.
Two answers are correct.
P > AVC
P < ATC
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Question 8
Which of the following is true about the concept of concentration?
O
All of the answers are correct.
O
O
The lower the number of firms in a market, the lower the concentration.
The higher the degree of rivalry amongst the firms, the lower the concentration.
The lower the degree of rivalry amongst the firms, the higher the concentration.
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- Not use ai pleasearrow_forwardpter s/31004/quizzes/52593/take/questions/1032249 Question 17 1 2 pts Use the information in the table to address this question. If the firm currently employs two workers, and decides to hire a third worker, the marginal production of that third worker will be? Number of Workers Total Output Marginal Product 0 0 1 1,000 2 1,700 3 3 2,200 4 2,400 5 2,500 Less than 500 The answer to this question cannot be determined by the information provided in the table. Exactly 500 More than 500 ◄ Previous Next ->arrow_forwardUse the information contained in the graph below describing a firm operating in a competitive environment to answer the following question. If the graph described a firm that decides to produce, what would be the value of its profit, its deficit, or would it break even? $8 $7 $4 4 0 30 30 50 50 O None of the answers are correct. 120 150arrow_forward
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- Which of the following is true about the concept of concentration? All of the answers are correct. The lower the number of firms in a market, the lower the concentration. The higher the degree of rivalry amongst the firms, the lower the concentration. The lower the degree of rivalry amongst the firms, the higher the concentration.arrow_forwardUse the information in the table to address this question. If each worker is paid $1,000 and each output sells for $4, how many workers should the firm hire to maximize profits? Number of Workers Total Output Marginal Product 0 1 1,000 2 1,700 3 2,200 4 2,400 5 2,500 4 workers 2 workers 3 workers O 5 workersarrow_forwardIf a firm exits, we must have that P < AVC None of the answers are correct. Two answers are correct. P > AVC P < ATCarrow_forward
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